What does a firm's short-run total product curve show and what is its significance?
What will be an ideal response?
A short-run total product curve shows the way the maximum output increases when the input of a variable factor of production (such as labor) increases, holding all other factors of production fixed. Its significance is that it shows the productivity of the variable factor of production as output is increased. The latter, in turn, is an important determinant of a firm's short run costs.
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If the United States has a current account deficit and the capital account is zero, which of the following must be true?
A) The balance on the financial account must equal the balance on the current account. B) Domestic public saving must be less than net foreign investment. C) Net foreign investment must be negative as well. D) Domestic private saving must be less than net foreign investment.
Fed policy since the early 1990s indicates that it is pursuing a policy of targeting the
A) monetary base. B) money supply. C) federal funds interest rate. D) exchange rate.
Jim's Burgers produces 500 burgers per week. He can sell as many burgers as he can cook for $3 . What is the marginal revenue from selling the 50th burger?
a. $3 b. $150 c. $147 d. It cannot be determined with the information given
Economists believe that the optimal level of pollution is zero
a. True b. False Indicate whether the statement is true or false