Marginal utility can be:
A. positive, but not negative.
B. positive or negative, but not zero.
C. positive, negative, or zero.
D. decreasing, but not negative.
Answer: C
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The marginal revenue product of labor curve will always shift to the left if
A. product demand increases and product price increases. B. the price of capital falls. C. the wage rate falls. D. product demand decreases and product price decreases.
Fill in the blank: According to your textbook, "Fiscal policy is simply ________."
A) budget policy B) monetary policy under a different name C) price policy D) wage policy E) stupid
In perfect competition, each firm ________
A) can influence the price that it charges B) produces as much as it can C) is a price taker D) faces a perfectly inelastic demand for its product
Economists define liquidity as
A) the difference between the return on the asset and the return on a long-term U.S. Treasury bond. B) the fraction the asset makes up of an investor's portfolio. C) the ease with which an asset can be exchanged for money. D) the difference between the total demand for an asset and the total supply of the asset.