The usual term of office of members of the Board of Governors is
a. 2 years.
b. 5 years.
c. 7 years.
d. 14 years.
d. 14 years.
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If the marginal rent cost of moving from Apartment 1 to Apartment 2 is -$60, and marginal commuting cost of moving from Apartment 1 to Apartment 2 is $40:
A) moving from Apartment 1 to 2 will save the renter $60 more in rent and $40 more in commuting. B) moving from Apartment 1 to 2 will cost the renter $60 more in rent but save $40 in commuting. C) moving from Apartment 1 to 2 will cost the renter $60 more in rent and $40 more in commuting. D) moving from Apartment 1 to 2 will save the renter $60 in rent but cost $40 more in commuting. Assume that a firm wants to set up a factory. It has four different options. The rent of the factory in the four different locations and the time taken to transport the product from each location to the market is shown in the table below. The opportunity cost of time is $10 per hour. Factory Location Monthly Commuting Time (hours) Monthly Rent ($) Very Far 30 2,060 Far 25 2,100 Close 15 2,300 Very Close 5 2,500
Refer to Figure 18.2. After trade and specialization begin, the maximum amount of spears that Macadamia can consume is
A) 40. B) 100. C) 120. D) 160.
Marginal revenue product is the
A. additional revenue from one additional dollar increase in price. B. change in the revenue product resulting from one additional unit of input. C. additional revenue from one additional unit of input. D. change in revenue resulting in one additional dollar in price.
According to the law of demand, other things being equal
A. when people's income goes down, then they buy less of a good. B. when people's income goes up, then they buy less of a good. C. when the price a good goes down, then people buy more of that good. D. when the price a good goes up, then people buy more of that good.