The market value of the inputs a firm uses is called
a. total cost.
b. variable cost.
c. marginal cost.
d. fixed cost.
a
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If rent seeking was, on average, a losing proposition, _____
a. rent seekers would exit rent seeking until losses from rent seeking equaled zero b. rent seeking would stop because it was no longer profitable c. rent seekers would increase competition for scarce benefits d. rent seeker would exit rent seeking until there is a normal rate of return to rent seeking
Suppose the manager of a restaurant notices that when she has too many waiters on the floor for a shift that the waiters get in each other's way and fewer dinners are served. This is an example of
A) diminishing marginal product. B) diminishing marginal utility. C) diminishing marginal workforce. D) diminishing marginal inputs.
If a developing country institutes a currency board, it relinquishes control over having
A) monetary policy autonomy. B) exchange rate stability. C) freedom of capital movement. D) freedom of labor movement. E) all of its funds.
If autonomous consumption decreases, which of the following would occur in the short run?
a. a decrease in GDP, a decrease in the price level, a decrease in money demand and a decrease in the interest rate. b. an increase in GDP, an increase in the price level, an increase in money demand and an increase in the interest rate. c. a decrease in GDP, an increase in the price level, an increase in money demand and an increase in the interest rate. d. an increase in GDP, a decrease in the price level, a decrease in money demand and an increase in the interest rate. e. a decrease in GDP, a decrease in the price level, an increase in money demand and an increase in the interest rate.