Marginal resource cost is defined as the
a. total cost of producing a unit
b. total cost of adding one more unit of a resource, other things constant
c. cost of adding one more unit of a resource, other things constant
d. marginal cost divided by the quantity of a resource
e. price of labor
C
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Using the money demand and money supply model, an open market sale of Treasury securities by the Federal Reserve would cause the equilibrium interest rate to
A) not change. B) increase, then decrease. C) increase. D) decrease.
If an economy experiences increasing opportunity costs with respect to two goods, then the production possibilities curve between the two goods will be
A. Bowed outward until the two goods are equal, and then bowed inward. B. A straight, downward-sloping line. C. Bowed inward or convex from below. D. Bowed outward or concave from below.
Refer to the data provided in Table 11.4 below to answer the following question(s).
Table 11.4 
Refer to Table 11.4. When the interest rate ________, the farmer will investment in all four projects.
A. is greater than 10% B. is less than 10% C. is greater than 30% D. is less than 30%
Refer to Figure 13-10. to answer the following questions
a. What is the profit-maximizing output level? b. What is the profit-maximizing price? c. At the profit-maximizing output level, how much profit will be realized? d. Does this graph most likely represent the long run or the short run? Why?