The additional output that can be produced by adding one additional unit of a specific input is called marginal product.
Answer the following statement true (T) or false (F)
True
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The figure illustrates the market for posters. The tax on a poster is ________ and the government's tax revenue from the sale of posters is ________ a month
A) $0.50; $150 B) $0.35; $105 C) $0.35; $200 D) $0.35; $140
A lump-sum tax per unit on imports is known as
a. a specific tariff b. an effective tariff c. a specific quota d. an effective quota e. an ad valorem quota
Suppose that the current money market equilibrium features an interest rate of 5 percent and a quantity of $2 trillion. If the Fed raises the discount rate, which of the following ismostlikely to be the new money market equilibrium?
a. An interest rate of 6 percent and a quantity of $1.5 trillion. b. An interest rate of 5 percent and a quantity of $2 trillion. c. An interest rate of 4 percent and a quantity of $2.5 trillion. d. None of the above.
According to the graph shown, what does P on the y-axis stand for?
A. Average price level
B. Inflation rate
C. Price of GDP
D. Price of Y