The interest rate that the Fed charges when it makes a last resort loan is the ________ rate
A) discount
B) short-term
C) reserve
D) federal funds
A
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In the circular flow model, households
A) spend earnings from resource sales on goods and services in the product market. B) and firms spend earnings from resource sales on goods and services in the factor market. C) sell goods and services in the input market. D) hire resources sold by firms in the factor market.
The increase in total revenue that results from the sale of one additional unit of output is known as
a. average revenue. b. total revenue. c. marginal revenue. d. variable revenue.
Marginal physical product measures the increase in total output that results from a one-unit increase in an input.
Answer the following statement true (T) or false (F)
If people buy less chewing gum at every price when their incomes fall, then
a. chewing gum is a normal good b. the demand for chewing gum is downward sloping c. demand for chewing gum has increased d. the price of chewing gum has increased e. population has decreased