________: goods for which consumption falls (rises) when income increases (decreases)
Fill in the blank(s) with correct word
Inferior good
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Based on the table below and the principle of diminishing returns to capital, then total packages wrapped when a fourth machine is installed must be less than ________ packages.Number of (Identical) MachinesTotal Packages Wrapped15,00029,000312,000
A. 3,000 B. 12,000 C. 4,000 D. 15,000
Everything else held constant, a decrease in the currency ratio will mean ________ in the M1 money multiplier and ________ in the M2 money multiplier
A) an increase; an increase B) an increase; a decrease C) a decrease; an increase D) a decrease; a decrease
The profit-maximizing output for the perfectly competitive firm occurs at the point at which
A) TR - MR is at a maximum. B) TR - TC is at a minimum. C) MR = MC. D) TR - ATC is at a maximum.
Using the typical estimate of the sacrifice ratio, how much output would be lost in reducing inflation from 3% to 1%?
a. 5% b. 10% c. 15% d. 20%