Marginal resource cost is:
A. The increase in a firm's total cost caused by hiring one additional unit of an input
B. A firm's cost of hiring one group of inputs, such as capital or labor
C. The firm's demand curve for a productive resource
D. Determined by the marginal physical product schedule for an input
A. The increase in a firm's total cost caused by hiring one additional unit of an input
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Refer to the figure above. When the demand curve for gas is D2 and the supply curve for gas is S, the surplus in the market when price is $8 is:
A) 20 gallons. B) 55 gallons. C) 25 gallons. D) 50 gallons.
If planned investment increases by $30 billion and, as a result, national output increases by $60 billion, the value of the multiplier is
a. 5. b. 4. c. 2. d. 1/2.
Assume that the expectation of declining housing prices cause households to reduce their demand for new houses and the financing that accompanies it. If the nation has highly mobile international capital markets and a flexible exchange rate system, what happens to the real risk-free interest rate and the nominal value of the domestic currency in the context of the Three-Sector-Model?
a. The real risk-free interest rate falls, and nominal value of the domestic currency rises. b. There is not enough information to determine what happens to these two macroeconomic variables. c. The real risk-free interest rate rises, and nominal value of the domestic currency remains the same. d. The real risk-free interest rate falls, and nominal value of the domestic currency falls. e. The real risk-free interest rate rises, and nominal value of the domestic currency falls.
An example of a deficit item on the U.S. balance of payments is
A) the sale of a carburetor made in Michigan to a Honda plant in Ohio. B) a deposit in a bank in New York by a British firm. C) a U.S. resident flies from New York to Rome on British Airways. D) the payment of a dividend from a Canadian firm to an American living in Maine.