In the short run, the marginal-revenue product curve is ________ because of ________.
A. downward sloping; diminishing returns
B. upward sloping; increasing returns
C. downward sloping; increasing returns
D. upward sloping; diminishing returns
Answer: A
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Which of the following is collected only by local and state governments?
A) Excise tax B) Personal income tax C) Toll taxes D) Payroll tax
The following table provides nominal exchange rates for the U.S. dollar.CountryForeign currency/dollarDollar/foreign currencySwitzerland(franc)1.730.578Brazil(real)1.821.549Based on these data, the nominal exchange rate equals approximately ________ reals per Swiss franc or, equivalently, ________ Swiss francs per real.
A. 3.551; 0.282 B. 0.950; 1.053 C. 0.282; 3.551 D. 1.053; 0.950
When banks allow people to make purchases by using a credit card or writing a check, they are providing ______.
a. a dividend b. a medium of exchange c. diversification d. double taxation
Which of these events would be most likely to permanently shift an individual's demand curve for umbrellas to the right?
(A) He moves from a desert community to a rainy city by the ocean. (B) Weather forecasters predict that a major hurricane will hit his city the coming week. (C) The price of umbrellas decreases significantly as inexpensive umbrellas are imported from China. (D) He buys a car, so he no longer needs to walk to and wait at a bus stop every morning to get to work.