The value of the marginal product is
a. total revenue minus total cost.
b. the change in total output divided by the change in an input.
c. the marginal product of an input times the price of the output.
d. total output divided by total inputs.
c
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The purchase of U.S. assets by foreigners is a:
a. capital inflow. b. capital outflow. c. current account deficit. d. unilateral transfer.
Tim's opportunity cost of selling his car is $20,000 . Rebecca, who is a likely buyer, values that car at $25,000 . Calculate the economic value this transaction can create if Rebecca pays $23,500 for Tim's car
a. $1,500 b. $5,000 c. $3,500 d. $2,000
A decrease in the discount rate:
a. increases reserve holdings of the commercial banks. b. leads to an increase in the interbank rate charged by commercial banks. c. lowers the cost of borrowing from the Fed. d. causes an increase in the federal funds rate. e. decreases the money supply.
If Cliff Althoff attends an antique auction, spots a vase that he would be willing to buy at $400, and he is the winning bidder at a price of $400, then Cliff
a. receives $400 in value from this vase b. receives a consumer surplus of $400 c. should not have purchased the vase because consumer surplus is zero d. receives zero value from this vase because consumer surplus is zero e. ended up paying a consumer surplus of $400