Marginal revenue product is essentially the additional revenue generating from selling one additional unit of output.
Answer the following statement true (T) or false (F)
False
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The opportunity cost of a college education includes wages lost while enrolled in school.
Answer the following statement true (T) or false (F)
What was the result of the Federal Reserve tightening credit and Congress adopting the Smoot-Hawley Tariff?
The value of a loan of $500 after a year at 3 percent interest is:
A. $509. B. $515. C. $565. D. $1,500.
Which of the following correctly describes the system of fractional reserve banking?
a. Banks keep a fraction of their loans with other banks to maintain the quality of their loan portfolio. b. Banks can loan out the entire deposits but a small fraction of their own profits must be kept as reserve in bank vaults. c. Banks reserves amount to only a fraction of funds on deposit with the bank. d. The federal government insures only a fraction of the deposits at most banks.