A U.S. tariff imposed on items that can be produced more cheaply abroad
A) benefits Americans by making these goods cheaper.
B) makes the goods more expensive in foreign markets.
C) creates a deadweight loss.
D) makes the world market more efficient.
C
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Suppose the reserve ratio is RR. Then,
A) required reserves = RR × excess reserves. B) required reserves = RR × loans. C) required reserves = RR × deposits. D) required reserves = RR × actual reserves.
The Widget Company has estimated the following revenue possibilities for the year:
Sales Probability 100 0.15 150 0.20 220 0.30 290 0.20 310 0.15 a. Find expected revenue. b. Find the standard deviation. c. Find the coefficient of variation.
The additional revenue obtained by a firm when it hires an additional worker, holding other inputs constant, is
A) the marginal physical product of labor. B) the marginal revenue product of labor. C) the marginal cost of labor. D) equal to total revenue divided by the number of workers.
For the single-price monopoly, marginal revenue is
a. more important than marginal cost b. always more than marginal cost c. always less than average cost d. always less than the price of output e. more significant than total revenue