A firm's marginal factor cost describes
A) the increase in the firm's total revenue as one more unit of output is sold.
B) the change in total fixed cost that results from hiring one more unit of input.
C) the change in total variable cost that results from the production of an extra unit of output.
D) the change in total cost that results from using one more unit of an input.
Answer: D
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In 1998 the US Justice Department and 20 state attorneys general filed a suit against Microsoft alleging that Microsoft tried to protect its operating system monopoly and extend that monopoly into internet software. This is an example of
a. predatory pricing b. antitrust enforcement c. economic regulation d. social regulation e. the regulatory dilemma
The consumer price index and the GDP deflator are two alternative measures of the overall price level. Which of the following statements about the two measures is correct?
a. The two measures are constructed differently, but they always indicate the same inflation rate. b. The substitution bias applies equally to both measures. c. A change in the price of Korean televisions is reflected in the U.S. consumer price index but not in the U.S. GDP deflator. d. All of the above are correct.
In general, large current account deficits have to be financed by:
A) capital outflows abroad. B) capital inflows from abroad. C) trade barriers. D) none of the above.
If a good is not produced, then there is no demand for it
Indicate whether the statement is true or false