Inflation is known as a ________ because it ________
A) tax; redistributes goods and services from households and businesses to the government
B) revenue; is the only source of business income for the government
C) good thing; keeps the value of goods and services increasing
D) bad thing; allows people to obtain the wrong kind of wealth
E) tax; redistributes goods and services from the government to households and businesses
A
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If the marginal revenue of a producer exceeds his marginal cost:
A) profit is maximized. B) profit is minimized. C) additional production enhances profits. D) additional production reduces profits.
Suppose Niampora, an island country, is the largest exporter of cotton in its region. A recent flood affected a large part of the country. Which of the following will be an impact of the flood on the supply curve of cotton?
a. The supply curve of cotton will shift rightward. b. The supply curve of cotton will shift leftward. c. The supply curve of cotton will become steeper. d. The supply curve of cotton will become flatter.
When the slope of the total production curve steepens, it means:
A. diminishing marginal product must hold. B. the marginal product must be decreasing. C. the marginal product must be increasing. D. None of these is true.
The cost of owning a government bond is ________, and the benefit of owning one is ________.
A. interest earned; that it is not very liquid B. that it is as liquid as cash; interest earned C. that it is highly liquid;interest charged D. interest charged; that it is not very liquid