The difference between the sale value of the product and the value of the inputs that went into it is called the:
A. value-added of that stage of production.
B. value of the final product.
C. profit margin.
D. mark up.
Answer: v
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On a line chart, the income of a consumer is measured along the horizontal axis, and his consumption is measured along the vertical axis. The slope of the line is equal to:
A) change in consumption plus change in income. B) change in consumption minus change in income. C) change in consumption multiplied by change in income. D) change in consumption divided by change in income.
The primary means of rationing goods and services in a market system is through
a. the pricing system. b. rationing coupons. c. government allocation. d. food stamps.
In the short run, a perfectly competitive ball bearing manufacturer will continue to produce at a loss if
a. it is covering all of its fixed cost b. it is covering all of its variable cost plus part of its fixed cost c. variable cost is less than fixed cost d. fixed cost is zero e. fixed cost is minimized
The federal funds rate is not just targeted by the Fed but is determined by the Fed. Market forces are irrelevant
a. True b. False