If the quantity of money demanded exceeds the quantity of money supplied, then
A) the quantity of nonmonetary assets demanded exceeds the quantity supplied.
B) the quantity of nonmonetary assets supplied exceeds the quantity demanded.
C) the quantity of nonmonetary assets demanded will still equal the quantity supplied, all else being equal.
D) you can make no conclusions about the relative supply and demand of nonmonetary assets.
B
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How does the economist's measure of profit differ from the accountant's measure?
A) Economists subtract total revenue from total cost; accountants do the opposite. B) Economists subtract total costs from total revenue; accountants do the opposite. C) Economists consider more sources of monetary revenue than accountants do. D) Economists include all opportunity costs, accountants don't. E) There is no difference between the two measures.
Which of the following statements best summarizes the law of diminishing marginal returns?
A) In the short run, as more labor is hired, output diminishes. B) In the short run, as more labor is hired, output increases at a diminishing rate. C) In the short run, the amount of labor a firm will hire diminishes as output increases. D) As more labor is hired, the length of time that defines the short run diminishes.
Economists call the difference between what you pay for a good and what you would have been willing to pay for it a(n)
a. budget deficit b. consumer deficit c. consumer marginal benefit d. consumer surplus e. economic benefit
Which of the following will cause the average fixed cost curve of making cigarettes to shift?
A) a $5 million penalty charged to each cigarette maker B) a $1 per pack tax on cigarettes C) a $3 per hour wage increase D) an increase in the demand for cigarettes