The additional income from selling one more unit of a good:
a. increasing marginal returns
b. total cost
c. marginal revenue
d. marginal product of labor
e. marginal cost
Ans: c. marginal revenue
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If total production is greater than total expenditures,
A) there will be an increase in saving. B) there will be an increase in inventories. C) firms will then increase production. D) firms will then increase prices.
Which of the following is an example of a positive externality?
A. something obtainable at a zero price B. a discount for consumers buying in large quantity C. increased purchases of landscaping services by a homeowner that boost a neighbor's property value D. a lower crime rate for a community in which residents receive more education
Define the relationship between the average expected rate of return, if, and the risk premium.
What will be an ideal response?
Refer to the given data, symbols, and assumptions. If migration is costless and unimpeded:
Symbols: Q = number of workers demanded; W = wage rate; and VTP = value of the cumulative total product (output) of the particular number of workers.
Assumptions: (1) The current wage in Zinnia is $20 and the current wage in Marigold is $12; (2) full employment exists in both countries.
A. no migration will occur.
B. migration will cause the wage in Marigold to fall.
C. 2 workers will move from Marigold to Zinnia.
D. 4 workers will move from Marigold to Zinnia.