How would an economist typically assess the extent of economic progress in a nation?
An economist typically would examine the growth rate of the nation's real GDP.
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For something to serve as money, it must be
A) light, durable, and common. B) convertible to gold. C) backed by the authority of the government. D) generally accepted by buyers and sellers.
A supply schedule
A) can be used to generate a supply curve. B) is a table reflecting the inverse relationship between price and quantity supplied. C) shows what happens to quantity supplied when price is held constant. D) all of the above.
Which of the following would not limit the extent of a firm's vertical integration?
a. the managers' bounded rationality b. a large minimum efficient scale of producing inputs relative to the firm's input requirements c. the fact that the quality of inputs is easily determined at the time of purchase d. many interchangeable suppliers of the firm's inputs e. high transaction costs of contracting with resource suppliers
The marginal productivity principle implies that
a. quantity demanded of an input normally declines as the input price falls. b. at equilibrium, profit from the last unit of input will be zero. c. for maximizing profit, marginal revenue product should be greater than price. d. marginal productivity of inputs increase when price of inputs increase.