The change in total revenue associated with one additional unit of input is referred to as
A. MPP.
B. Cost efficiency.
C. MRP.
D. Elasticity of labor supply.
Answer: C
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Steve has two goods he can spend his income on, skiing and skating, and his marginal utilities from each are in the table above. The price of each unit of skiing is $10 and the price of each unit of skating is $5. Steve has $40 to spend
What quantities of skiing and skating should Steve consume to maximize his utility? A) 4 units of skiing and 4 units of skating B) 2 units of skiing and 4 units of skating C) 1 unit of skiing and 2 units of skating D) 5 units of skiing and 5 units of skating
If a consumer has a choice between only two goods and both of them are perfect substitutes what would the indifference curve look like and why?
What will be an ideal response?
Macroeconomics studies the determination of
a. total output, total employment, the general price level, and the general level of interest rates b. total output and the general level of interest rates only c. total employment and the general level of prices only d. the interaction of individual economic actors in specific markets and industries e. the levels of employment and prices in specific markets and industries
A "money market deposit account" is a(n)
A) checking account that pays no interest. B) bank account with a specified maturity date. C) store of Federal Reserve Notes held in bank vaults to cash checkable deposits on demand. D) checking account created from an automatic transfer from a savings account. E) interest-earning account at a bank or thrift institution that usually has a minimum balance requirement.