The added revenue that a firm takes in when it increases output by one additional unit is ________ revenue.
A. variable
B. marginal
C. total
D. fixed
Answer: B
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Which of the following is one of the most important benefits of money in an economy?
a. Money allows for the exchange of goods and services. b. Money allows for the accumulation of wealth. c. Money makes exchange easier, leading to more specialization and higher productivity. d. Money encourages people to produce all of their own goods (self-sufficiency) and therefore increases economic stability.
Suppose Japan is currently running a current account surplus. The most effective way of eliminating this current account surplus would be to temporarily ________ government purchases and ________ the domestic money supply
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
If one of the agents in an Edgeworth Box has monopoly power and maximizes profit as the sole seller, then the economic outcome is:
A) inefficient because the monopoly has no incentive to be technically efficient. B) inefficient because the monopoly produces less than the optimal amount of output. C) Both A and B are correct. D) none of the above
Economic values that are measured in units per period of time are referred to as:
A. stocks. B. flows. C. unit values. D. dollars.