A multi-plant firm has three plants. At its current production levels, the marginal cost of production is $2 at plant 1, $2.25 at plant 2, and $2.10 at plant 3. The firm's overall marginal cost of production is ________.
A) $2.25
B) $6.35
C) $7.20
D) $4.25
B) $6.35
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If an increase in the monetary base of $8 billion increases the quantity of money by $64 billion, then the money multiplier is equal to ________
A) $64 billion B) 8 C) $8 billion D) 1/8
An economic variable that doesn't move in a consistent pattern with aggregate economic activity is called
A) procyclical. B) countercyclical. C) acyclical. D) a leading variable.
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.
President Nixon once proclaimed that he followed the __________ school of economics.
Fill in the blank(s) with the appropriate word(s).