Recall the Application about the best speed at which to sail an ocean cargo ship to answer the following question(s).Sailing an ocean cargo ship slower to save on the expense of fuel as opposed to sailing it faster to save time and therefore allow it to make more deliveries makes sense if the ________ of sailing slower is less than the ________ of sailing slower.
A. marginal benefit; marginal cost
B. marginal cost; marginal benefit
C. marginal benefit; opportunity cost
D. marginal cost; opportunity cost
Answer: B
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When the European System of Central Banks uses long-term refinancing operations, it is similar to the Federal Reserve using
A) dynamic open market operations. B) defensive open market operations. C) discount policy. D) reserve requirements.
Which of the following is NOT an injection?
A) The state of Illinois builds a new courthouse. B) Kansas farmers sell 1 million bushels of wheat to Russia C) The Smithsonian Institute purchases Chris Evert Lloyd's tennis racket. D) An accountant purchases a new personal computer for use in his office.
“If it were not for the law of diminishing marginal returns, the world’s wheat could be grown in a flower pot.” Explain.
What will be an ideal response?
The first paper currency issued by the U.S. government was known as the
a. Federal Reserve note b. treasury bill c. greenback d. pound e. gold certificate