The increase in output that results when one more unit of a variable input is hired is called
A) total physical product.
B) marginal physical product.
C) average physical product.
D) marginal revenue.
Answer: B
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According to the economic way of thinking, elected government officials tend to favor
A) contractionary monetary policies. B) contractionary fiscal policies. C) expansionary monetary and fiscal policies. D) monetary and fiscal policies consistent with the public interest.
Economic profits are equal to accounting profits:
a. In all cases b. In no cases c. When implicit costs are zero d. When implicit costs equal explicit costs
Using the following numbers, what is Macland’s current account?
Goods: exports $500, imports $365 Services: exports $350, imports $400 Income payments: exports $300, imports $425 Unilateral transfers: exports 0, imports $50 a. -$80 b. $2,390 c. -$90 d.-$225
Corporations obtain funds when their previously issued stock is traded.
Answer the following statement true (T) or false (F)