The added expense of producing one more unit of output is called the
A. production cost.
B. marginal cost.
C. marginal product.
D. average cost.
Answer: B
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What does NOT appear on the asset side of a bank's balance sheet?
A. required reserves
B. checkable deposits
C. loans
D. excess reserves
Assuming all else equal, if the production technology available to a nation improves, its aggregate production function:
A) shifts inward. B) becomes vertical. C) shifts upward. D) becomes horizontal.
An open capital market affects a nation's economic growth by
a. channeling capital into productive projects and away from wasteful projects. b. rewarding investors who find the most productive projects and invest in them. c. making the lowest-cost capital available from around the world. d. all of the above.
If the economy is inside the production possibilities curve, then more output can be produced using existing resources.
Answer the following statement true (T) or false (F)