A farmer discovers that the total cost of growing 50 acres of eggplant is $50,000 and that the total cost of growing 51 acres of eggplant is $52,000. The marginal cost of the 51st acre of eggplant is
A) $52,000.
B) $50,000.
C) $2,000.
D) $1,000.
C
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The employment-to-population ratio is defined as
A) total employment divided by labor hours then multiplied by 100. B) the labor force divided by the working-age population then multiplied by 100. C) total employment divided by the labor force then multiplied by 100. D) total employment divided by the working-age population then multiplied by 100.
A firm that is the only seller of a good or service that does not have a close substitute is called
A) a monopoly. B) a market maker. C) a price maker. D) an oligopolist.
Floating exchange rates
A) systematically lead to much larger but less frequent short-run deviations from the absolute PPP. B) systematically lead to much larger and more frequent short-run deviations from the relative PPP. C) systematically lead to much smaller and less frequent short-run deviations from the relative PPP. D) systematically lead to much smaller but more frequent short-run deviations from the relative PPP. E) systematically lead to much smaller and less frequent short-run deviations from the absolute PPP.
According to the law of demand, other things equal, when the price of a good or service falls, demand increases
a. True b. False Indicate whether the statement is true or false