Marginal revenue
A. cannot be used to determine the profit-maximizing rate of production.
B. is a change in revenue that is immeasurable and non-quantifiable.
C. cannot be effectively utilized when analyzing the perfect competitor.
D. is the change in total revenues resulting from a change in output.
Answer: D
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Variable costs are
A. sunk costs. B. costs that change with the amount of output a firm produces. C. costs that change every day. D. the change in total cost associated with the production of an additional unit of output.
If real GDP exceeds potential GDP, this means that
a. output is below the level produced at the benchmark rate for high employment and high rate of resource utilization. b. this cannot occur; the economy can never be at a point where real GDP exceeds potential GDP. c. cyclical output is above what the economy can sustain in the long-run. d. the economy is expanding.
In the above figure, the Lorenz curve for income is shown. If the data used are from the United States, and the U.S. Lorenz curve for wealth was added to the diagram, it would be
A) further from the line of equality than the Lorenz curve for income. B) closer to the line of equality than the Lorenz curve for income. C) above the line of equality. D) the same as the Lorenz curve for income.
The Federal Reserve Bank of 1914 permitted the Fed to compete with banks for profits
Indicate whether the statement is true or false