The federal budget deficit and the trade balance are often referred to as the
A) twin deficits. B) dueling depreciators.
C) balance of payments. D) national debt.
A
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Assume the supply function for good X can be written as Qs = -100 + 27Px - 5Py - 1.8W, where Px = the price of X, Py = the price of good Y, and W = Wage index for workers in industry X. According to this equation:
A) X and Y are substitutes in production. B) X and Y are complements in production. C) a decrease in wages would cause a decrease in the quantity supplied at each price. D) each one unit increase in price causes quantity supplied to increase by 73 units.
What do economists call the amount that an additional input adds to the firm’s total costs?
a. marginal resource cost b. marginal input revenue c. marginal product cost d. marginal input benefit
Suppose that in a month the price of oranges increases from $.75 to $1. At the same time, the quantity of oranges demanded decreases from 100 to 80. The price elasticity of demand for oranges (calculated using the initial value formula) is:
A. 0.75. B. 0.6. C. 0.25. D. 20.
The quantity theory of the demand for money states that a country's money demand is proportional to
A. the domestic interest rate. B. the exchange rate. C. the money value of gross domestic product. D. the level of domestic consumption.