In economics a "marginal" value refers to:
a. the value associated with an unimportant, or marginal, activity.
b. a value entered as an explanatory item in the margin of a balance sheet or other accounts.
c. the value associated with one more unit of an activity.
d. a value that is most appropriately identified in a footnote.
c. the value associated with one more unit of an activity.
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In late 2010 the National Bank of Australia offered a 4 percent interest rate on a savings account while Bank of America offered 2 percent. This difference means that
A) people expect the U.S. dollar to appreciate to 8 percent against the Australian dollar and interest rate parity to occur. B) there will be a surplus of U.S. dollars in the foreign exchange market. C) people expect the U.S. dollar to appreciate by 2 percent against the Australian dollar and interest rate parity to occur. D) there will be a shortage of Australian dollars in the foreign exchange markets.
The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
Of the labeled points, only ________ are efficient.
A. W, X, Y, Z, V, and T B. W, X, Y, Z, and V C. T and U D. X, Y, and Z
Which of the following is NOT a factor of production?
A) land B) labor C) a product D) entrepreneurship
Which of the following is the most likely to be a fixed factor of production at a farm?
A. The number of workers hired to harvest the crops. B. The amount of water used each day. C. The land on which the farm is located. D. The amount of fertilizer used each week.