The change in total cost of production that results from a change in the amount of a resource used is
a. average resource cost
b. marginal resource cost
c. marginal product
d. marginal revenue product
e. average revenue product
B
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Which of these is NOT a potential source of inefficiency?
A) external benefits B) increasing marginal costs C) monopoly D) subsidies
In the United States, the primary agency responsible for foreign exchange intervention is
A) the U.S. treasury. B) the Federal Reserve. C) the exchange stabilization fund. D) the IMF.
The appearance of "classical American capitalism" in the middle and late 19th century includes all of the following except
(a) An industrial labor force concentrated in manufacturing centers (b) The commercialization of agriculture and extractive industries (c) The rise of big-time finance and giant transportation systems (d) The strengthening of small scale family farm enterprises and hand-crafted production activities
If a country wants to keep the value of its currency fixed, then its central bank should
A. sell its domestic currency when there is an increase in the supply of that currency. B. buy domestic goods when there is an increase in the supply of its domestic currency. C. buy its domestic currency when there is an increase in the supply of that currency. D. sell domestic goods when there is an increase in the supply of its domestic currency.