The diagram indicates that the marginal revenue of the sixth unit of output is:
A. -$1.
B. $1.
C. $4.
D. $24.
A. -$1.
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In a fixed exchange rate system, a decrease in the exchange rate at which a currency is pegged is called a(n)
A) devaluation. B) revaluation. C) appreciation. D) depreciation.
When the Fed buys $100 worth of bonds from a primary dealer, reserves in the banking system
A) increase by $100. B) increase by more than $100. C) decrease by $100. D) decrease by more than $100.
If a firm is producing a given level of output in an economically efficient manner, then it must be the case that
A. this is the lowest cost method of producing that output. B. each input is producing its maximum marginal product. C. this output level is the most that can be produced with the given level of inputs. D. both a and c E. none of the above
Engel's law is consistent with the proposition that the income elasticity for primary products is less than unity.
Answer the following statement true (T) or false (F)