To estimate the cost of the September 11, 2001 terrorist attacks, which of the following concepts would be used to calculate the value of lost lives?
A. The fallacy of composition
B. The concept of acceptable risk
C. The total value of lost earnings
D. The present value of lost earnings
Answer: D
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A farmer discovers that the total cost of growing 50 acres of eggplant is $50,000 and that the total cost of growing 51 acres of eggplant is $52,000. The marginal cost of the 51st acre of eggplant is
A) $52,000. B) $50,000. C) $2,000. D) $1,000.
Applying a price of labor to the law of diminishing returns generates:
a. the law of increasing costs. b. less output as more labor is hired. c. differences in the quality of labor. d. a negatively-sloped labor supply curve. e. specialization and the division of labor.
The most commonly quoted monetary aggregate is:
A. public currency. B. M1 since it is the most liquid. C. M2 since its movement is most closely related to interest rates and economic growth. D. money-market mutual fund shares.
Suppose the U.S. money supply increases from $7.6 trillion to $8.3 trillion. If there is zero real economic growth, and velocity stays constant, then according to the quantity theory of money, the U.S. inflation rate during this period would be:
A. 6 percent. B. 3 percent. C. 9 percent. D. 12 percent.