Marginal product measures the change in:
A. total cost brought about by changing production by one unit.
B. product price brought about by changing production by one unit.
C. a firm's revenue brought about by changing production by one unit.
D. the firm's output brought about by employing one additional unit of input.
Answer: D
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The law of supply states that
A) producers are legally required to make necessary items available in the marketplace. B) there is a positive relationship between price and quantity supplied, ceteris paribus. C) producers should only sell the items when the price is right. D) producers should only produce what they can sell.
If the U.S. experiences a current account deficit, then
A. the U.S. must also be running a capital account deficit. B. the U.S. must be running a capital account surplus. C. the U.S. may either experience a capital account surplus or deficit. D. None of these statements are true.
In order to avoid congressional action in the United States, in the early 1980s the Japanese resorted to:
a. infant industry protection. b. dumping of automobiles. c. voluntary export restraint (VER). d. price discrimination.
Describe the social costs of hyperinflation.
What will be an ideal response?