Which statement is true?
A. Large denomination time deposits are part of M2 but not M3.
B. Large denomination time deposits are part of M3 but not M2.
C. Small denomination time deposits are part of M2 but not M3.
D. Small denomination time deposits are part of M3 but not M2.
B. Large denomination time deposits are part of M3 but not M2.
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Which of the following statements correctly identifies a difference between labor and capital?
A) Capital can be rented or owned by a firm, but labor cannot be owned. B) Labor can be rented or owned by a firm, but capital cannot be owned. C) Labor is hired until a point where the marginal product of labor equals the price of labor, whereas capital is hired until a point where the average product of capital equals the price of capital. D) Labor is hired until a point where the average product of labor equals the price of labor, whereas capital is hired until a point where the marginal product of capital equals the price of capital.
The price elasticity of supply of laptop computers equals 1.5 if
A) a rightward shift of the demand curve for laptops causes the quantity supplied to increase by 1.5 percent. B) a rightward shift of the demand curve for laptops causes a 1.5 percent increase in their price. C) for every 1 percent that laptop prices increase, computer makers produce another 1.5 percent laptops. D) for every $1.00 that laptops increase in price, computer makers produce another 150 laptops.
An example of an implicit cost is
A. a business using a building owned by the business owner. B. the payment of interest on a bond. C. payment of a salary to a CEO of a company. D. a payment to a resource owner.
If marginal revenue is less than marginal cost, the firm should
A. raise marginal revenue. B. decrease its rate of output. C. increase its rate of output. D. raise price.