According to the diagram in the figure above, what is the marginal cost of producing the 3 millionth gallon of gasoline per month?
A) 5 pounds of shrimp per gallon of gasoline
B) 4 pounds of shrimp per gallon of gasoline
C) 3 pounds of shrimp per gallon of gasoline
D) 1 pound of shrimp per gallon of gasoline
A
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Technical support provided by an Indian firm to a multinational company headquartered in New York is an example of a(n) ________
A) capital account transaction B) export of services by India C) transfer payment to the U.S. D) import of services by India
The value added by any firm equals the firm's ________ from selling the product minus ________.
A. profits; the cost of inputs purchased from other firms B. revenue; the cost of inputs purchased from other firms C. revenue; labor expenses D. profits; labor expenses
Historical data on prices and quantities sold do not provide the basis for drawing an accurate demand curve because
A. reporters who gather these data are often wrong. B. factors other than price may change over time. C. they do not include measures of price close to the quantity axis. D. they sometimes tend to be clustered around one point.
Consider an economy that has the following monetary data. The monetary base and the money supply are expected to grow at a constant rate of 20% per year. Inflation and expected inflation are 20% per year
Suppose that bank reserves and currency pay no interest, all currency is held by the public, and bank deposits pay no interest. What is the nominal value of seignorage over the year? A) $10 B) $60 C) $70 D) $200