When referring to "marginal" changes, the economic focus is on:
A. changes which affect only a few people or products.
B. large changes on the low end.
C. graduated changes on the high end.
D. small or incremental changes.
Answer: D
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It is easier to avoid state and local taxes than federal taxes.
A. True B. False C. Uncertain
If a bank has $200,000 of checkable deposits, a required reserve ratio of 20 percent, and it holds $80,000 in reserves, then the maximum deposit outflow it can sustain without altering its balance sheet is
A) $50,000. B) $40,000. C) $30,000. D) $25,000.
According to the law of one price, if the price of Colombian coffee is 100 Colombian pesos per pound and the price of Brazilian coffee is 4 Brazilian reals per pound, then the exchange rate between the Colombian peso and the Brazilian real is
A) 40 pesos per real. B) 100 pesos per real. C) 25 pesos per real. D) 0.4 pesos per real.
For a typical firm, fixed costs increase in direct proportion to the increases in output
a. True b. False Indicate whether the statement is true or false