Other things the same, another unit of capital will increase output by more in a poor country than in a rich country
a. True
b. False
Indicate whether the statement is true or false
True
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A supply curve shows the ________ of producing one more unit of a good or service
A) producer surplus B) consumer surplus C) total benefit D) marginal cost E) marginal benefit to the producer
In contrast to a perfectly competitive firm, a monopolist operates in the long run
A. at a price higher than marginal cost. B. with a profit equal to zero. C. at an efficient level of output. D. at the minimum point on its average total cost curve.
Outside lags for monetary policy occur because:
A. firms must change investment plans before monetary policy can be effective. B. it takes time to identify a problem. C. once a problem is diagnosed, it still takes time to implement policy changes. D. once changes are finally diagnosed and implemented, policies are immediately effective.
Opportunity cost is best defined as
A. the sum of the dollar values of all alternatives given up when choices are made. B. the next highest valued alternative when a choice is made. C. the cost of producing the purchased goods. D. the dollar price of the purchased item.