Marginal revenue
a. Is the additional revenue incurred by selling one more unit
b. Is the total revenue incurred by selling one more unit
c. Is the total revenue incurred by selling all the firm's output
d. Is the difference between total revenue and total costs
a
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Holding other factors constant, if a tax increase moves the government budget from deficit to surplus, then the real interest rate will ________ and the equilibrium quantity of national saving and investment will ________.
A. decrease; decrease B. increase; increase C. decrease; increase D. increase; not change
Suppose residents of Toadhop live on the Quabache River, a river prone to flooding. Suppose there are 1000 (type A) people who value flood control more than the 1000 (type B) people. Type A Demand QD = 100 ? P Type B Demand QD = 50 ? P Where Q measures the quality of flood control. If the price of a unit of flood control is $100,000 and the citizens of Toadhop did not work together the amount
of flood control purchased would be a. 0 b. 10 c. 25 d. 70
If the expenditure schedule must be shifted downward to reach potential GDP, then the economy is experiencing a(n)
A. inflationary gap. B. precautionary gap. C. restrictive gap. D. expansionary gap.
Refer to the above graph. Assume that before the Persian Gulf War, Iraq's production possibilities were represented by AB. Which line on the above graph would represent the change in Iraq's production possibilities after the war?
A. AB to AF B. AB to BE C. AB to EF D. AB to AD