Which one of the following variables is most likely to decline as production effort increases?
a. Marginal cost
b. Total revenue
c. Marginal revenue
d. Total costs
e. Total production
Ans: c. Marginal revenue
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Long-run increases in living standards, as measured by real GDP per person, are primarily the result of increases in:
A. government budget surpluses. B. average labor productivity. C. the money supply. D. population.
The ________ is a theory of the balance of trade that emphasizes how domestic spending on domestic goods changes relative to domestic output
A) absorption approach B) monetary approach C) pass-through analysis D) elasticities approach
Suppose there is a temporary supply shock because of a war in the Middle East, then ________
A) this would constitute a cost push shock due to a restriction in the supply of oil B) the AS curve would shift to the left C) this could theoretically lead to stagflation D) all of the above E) none of the above
Suppose the issuer of a bond fails to pay some of the interest or principal that was promised to the bondholders. This failure is referred to as a
a. breach. b. default. c. risk. d. term failure.