What is the marginal cost of producing the tenth unit?No. units producedTotal RevenueTotal Costs000101204020200100302701704031026050330370
A. 5
B. 80
C. 40
D. 4
Answer: D
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The Latin phrase ceteris paribus means that when a relationship between two variables is being studied
A) neither of those two variables is allowed to change. B) both are treated as unpredictable. C) we recognize that some factors are unknown. D) all other variables are held fixed.
If the expected inflation rate was 2.5%, the expected real interest rate was 4.0%, and the real interest rate turned out to be 5.1%, then the actual inflation rate equals
A) 1.4%. B) 1.5%. C) 2.6%. D) 6.5%.
If the full-employment level of real GDP is greater than the equilibrium level of real GDP, the nation would be experiencing a(n)
A) inflationary gap. B) recessionary gap. C) demand-pull inflation. D) rising prices.
In which system are decisions made by thousands of people who have information about resources, production technology and consumer desires?
A. market system B. centrally planned system C. command system D. socialist system