Refer to the data. The marginal revenue obtained from selling the third unit of output is:
A. $6.
B. $1.
C. $2.
D. $5.
C. $2.
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If a country produces good Y (measured on the vertical axis) and good X (measured on the horizontal axis), then the absolute value of the slope of its production possibility frontier is equal to
A) the opportunity cost of good X. B) the price of good X divided by the price of good Y. C) the price of good Y divided by the price of good X. D) the opportunity cost of good Y. E) the cost of capital (assuming that good Y is capital intensive) divided by the cost of labor.
Assuming initially that the required reserve ratio = 10%, the currency-deposit ratio = 75%, and the excess reserve ratio = 156%, an increase in the required reserve ratio to 15% causes the M1 money multiplier to ________, everything else held
constant. A) increase from 0.15 to 0.33 B) increase from 0.54 to 0.67 C) decrease from 0.73 to 0.71 D) decrease from 1.67 to 1.54
Cartels can detect cheating by
A) reporting each other to government authorities. B) keeping two sets of accounting books, one for internal use and one for sharing with the cartel. C) dividing the market by region so that each cartel member is the only seller in a particular region. D) All of the above.
The percentage of all sales contributed by the leading four or leading eight firms in an industry is known as
A) a horizontal merger. B) a vertical merger. C) economies to scale. D) the concentration ratio.