The marginal revenue product of capital inputs does not provide complete information about optimal use because capital is:
A) money.
B) not an input.
C) an output as well as an input.
D) durable.
E) all of the above
D
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How would you define a DD schedule?
A) the combinations of output and the exchange rate that must hold when the home money market and the foreign exchange market are in equilibrium B) the combinations of output and the exchange rate that must hold when the output market is in short-run equilibrium C) factors of production in the long run D) the aggregate demand in relation to the foreign market value E) the currency depreciation in relation to the exchange rate
Making rational decisions "at the margin" means that people
a. make those decisions that do not impose a marginal cost. b. evaluate how easily a decision can be reversed if problems arise. c. compare the marginal costs and marginal benefits of each decision. d. always calculate the dollar costs for each decision.
When you pay for items that are consumed immediately or wear out quickly by financing them with your credit card, your wealth
A) decreases. B) is non-taxable. C) expands. D) is saved for future use.
National income accounting is defined as the
A. Assessment of the distribution of output. B. Measurement of aggregate economic activity. C. Use of economic theory to predict future income. D. Accounting cost associated with economic choices.