Marginal revenue product is the
a. additional revenue from one additional dollar increase in price.
b. change in the revenue product resulting from one additional unit of input.
c. additional revenue from one additional unit of input.
d. change in revenue resulting in one additional dollar in price.
c
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Which program provides assistance to the aged, blind and disabled?
A) Social Security Program B) Supplemental Security Income program C) TANF D) Earned Income Tax Credit
A production function measures how an individual maximizes utility
a. a firm transforms output into input. b. a firm transforms inputs into output. c. d. a firm minimizes cost.
A pervasive tradeoff in financial markets relates risk to expected returns. Which of the following statements reflects this relationship?
a. The higher the risk of an asset, the lower the expected return on the asset. b. There is usually no relationship between risk and return. c. The higher the risk of an asset, the higher the expected return on the asset. d. The return on an asset is normally positively related to the risk of comparable assets. e. The return on a risky asset cannot be compared with the return on a risk free asset.
Answer the following statements true (T) or false (F)
1. Historically, the international trade policies of the United States favored many import restrictions until the early 1930's. 2. The Hawley-Smoot Tariff Act of 1930 promoted free trade by calling for tariff reductions in excess of 30 percent on agricultural products. 3. The Export-Import Bank is owned by 150 nations, including the United States. 4. Chile has been invited to join the European Union. 5. The Uruguay round of GATT negotiations was encumbered by strong disagreements over reducing domestic support of agriculture and subsidies of agricultural exports.