Assume that when price is $20, quantity demanded is 9 units, and when price is $19, quantity demanded is 10 units. Based on this information, what is the marginal revenue resulting from an increase in output from 9 units to 10 units?
A) $20
B) $19
C) $10
D) $1
C
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Refer to the table above. What is the market demand for wine when the price is $1?
A) 50 units B) 80 units C) 51 units D) 76 units
Total utility decreases when diminishing marginal utility is present.
Answer the following statement true (T) or false (F)
Leisure time is ignored when calculating GDP because leisure time
A) does not affect our standard of living. B) has been declining over time. C) is not an economic good. D) is not bought in a market. E) is not productive.
Which of the followings is NOT a current duty of the Board of Governors of the Federal Reserve System?
A) setting margin requirements, the fraction of the purchase price of the securities that has to be paid for with cash B) setting the maximum interest rates payable on certain types of time deposits under Regulation Q C) approving the discount rate "established" by the Federal Reserve banks D) voting on the conduct of open market operations