For a monopoly, profit per unit of output is
a. marginal revenue minus marginal cost
b. price minus average total cost
c. average total cost minus marginal revenue
d. price minus marginal revenue
e. total revenue minus total cost
B
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Which of the following is the most important source of tax revenue for state governments?
A. Personal income tax B. Property taxes C. Corporate income tax D. Sales and excise taxes
If a firm is experiencing diminishing marginal returns, its marginal product is declining
a. True b. False
When a Country A's overall balance is positive:
a. The Overall balance cannot be positive. It must be zero. b. Country A's central bank is buying the domestic currency in the foreign exchange market. c. Country A's central bank is buying foreign currencies in the foreign exchange market. d. Country A is losing reserve assets.
Suppose the required reserve ratio was 10% and then it increased to 20%. This would
a) result in a drop in the money multiplier from 10 to 5. b) increase the amount of excess reserves available. c) result in an increase in the money multiplier from 5 to 10. d) have no impact on the money multiplier.