Refer to the information provided in Table 31.2 below to answer the question(s) that follow.Table 31.2PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 50 60 2153 50 70 2254 50 80 230Refer to Table 31.2. From Period 3 to Period 4, the marginal return to capital is equal to
A. 0.5.
B. 2.0.
C. 2.88.
D. 3.21.
Answer: A
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Deflation is a situation in which the:
A. prices of most goods and services are rising over time. B. quantity of goods and services produced is increasing over time. C. prices of most goods and services are falling over time. D. quantity of goods and services produced is decreasing over time.
Specialization and exchange develop under conditions of
A) massive ignorance. B) a total conflict of interests. C) coercion and exploitation. D) none of the above.
If the government desires to raise a certain amount of revenue by taxing a monopoly, an ad valorem tax will
A) generate the same loss of consumer surplus as a specific tax. B) generate a greater loss of consumer surplus than a specific tax. C) generate a smaller loss of consumer surplus than a specific tax. D) generate no loss of consumer surplus.
Since the 1930s, the United States has experienced continuous deflation.
Answer the following statement true (T) or false (F)