What is true along the demand curve for a resource?
a. Prices of other resources are assumed constant.
b. The marginal product of that resource remains constant.
c. Total cost of production is assumed constant.
d. The price of that particular resource is assumed constant.
e. The quantity of that particular resource is assumed constant.
A
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If the marginal tax rate is 20%, by how much must income have increased if your tax bill increases by $300?
A. $1,500 B. $300 C. $1,000 D. Cannot be determined
Suppose Alice is deciding whether or not to go to a New York Giants game. Alice's enjoyment and thus decision, depends upon two uncertain events that are out of her control: whether the Giants win and whether it snows. She will be happiest if the Giants win and it does not snow. The newspaper reports a 35% chance for snow and the Giants record suggests a 40% chance of winning. The probability that the Giants win and that it does not snow is:
A. 75%. B. 5%. C. 26%. D. 35%.
As a firm increases its output in the short run,
a. it also varies its technology b. it increases all of its inputs c. it increases its plant size d. it increases only one of its inputs e. at least one of its inputs is fixed
According to the monetary rule, for price stability given real growth in the economy of 3 percent annually, the money supply should
A. decrease 1% each year. B. decrease 3% each year. C. increase 1% each year. D. increase 3% each year.