The addition to total physical product when one more unit of capital (or loanable funds) is used in production is called
a. marginal physical product of capital
b. marginal revenue product of capital
c. marginal use of loanable funds
d. interest
e. depreciation
A
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During 1990, a Hershey candy bar cost $.85. By 2007, the same Hershey candy bar cost $1.25. If the CPI was 130.7 in 1990 and 180.5 in 2007, the price of the 1990 Hershey candy bar in 2007 prices is
A) greater than the price of the 2007 Hershey candy bar. B) less than the price of the 2007 Hershey candy bar. C) equivalent to the price of the 2007 Hershey candy bar. D) perhaps greater than, perhaps less, or perhaps the same depending on whether the CPI in 2007 has been adjusted to reflect 2007 prices. E) not able to be determined given the information in the question.
In the above figure, which part corresponds to an increase in the money wage rate?
A) Figure A B) Figure B C) Figure C D) Figure D
If the government wishes to maximize its tax revenue, it should
A) recognize that too high of a tax rate can decrease the tax base. B) engage in static tax analysis. C) recognize that an increase in the tax rate will lead to an increase in tax revenues. D) use only flat taxes.
The production possibilities frontier can be used to show a manufacturer's possible combinations of output of two goods
a. True b. False Indicate whether the statement is true or false