"OPEC should supply more oil so that the world's economies can grow more rapidly." This is an example of
A) a normative statement.
B) a positive statement.
C) a decision at the margin.
D) OPEC overcoming scarcity.
A
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Farmer Brown produces corn in a perfectly competitive market. Farmer Brown produces and sells 500 bushels of corn. The market supply and demand curves are illustrated in the above figure
a. What is Farmer Brown's total revenue? b. What is Farmer Brown's marginal revenue?
Regional Federal Reserve Banks
A) are located in each of the 50 states. B) are run by the governors of the states in which they are located. C) provide general banking services to the public. D) None of the above answers is correct.
Refer to Scenario 14.3. What is the marginal profit from hiring the third unit of labor?
A) 30 B) 65 C) 85 D) 225 E) none of the above
Velocity can be computed with the formula
a. (Annual spending)/(Money supply). b. (Annual income)/(Annual spending). c. (Average income)/(Average spending). d. (Money supply)/(Average income).