To obtain a given real rate of return, lenders must charge a ________ nominal interest rate in the face of increasing inflation.
A. higher
B. constant
C. lower
D. deflated
Answer: A
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Suppose that a consumer regards two types of soap as perfect substitutes for one another. The price consumption path generated by changing the price of one type of soap
A) is always upward sloping. B) is always horizontal. C) is always vertical. D) corresponds with the axis for the cheaper soap. E) corresponds with the axis for the more expensive soap.
A profit-maximizing, competitive firm will always hire an additional worker when the additional worker makes a positive contribution to
a. total revenue. b. total profit. c. the value of the marginal product of labor. d. marginal revenue.
The marginal cost curve intersects the average fixed cost curve at the minimum point of the average fixed cost curve.
Answer the following statement true (T) or false (F)
Marginal utility is
A) the utility received from consuming one unit of a good. B) the change in total utility due to a one-unit change in the quantity of a good consumed. C) the total utility received from consuming a certain quantity of a good divided by the quantity. D) the utility received by the last consumer of a good.