Macroeconomics first developed as a new subfield of economics:
A. as a result of Adam Smith's publication of The Wealth of Nations in 1776.
B. in response to the severe economic hardships of the Great Depression.
C. when Adolf Hitler ordered economists to learn more about national economies.
D. following the oil price increases of the 1970s.
Answer: B
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Suppose the cost of operating a 75 room hotel for a night is $6,000 and there are 5 empty rooms for tonight. The marginal cost per room per night
a. is $40. b. is $80. c. is $120. d. cannot be determined from the information given.
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