What is it called when the price paid for a variable input is less than its marginal revenue product?
A) bilateral monopoly
B) monopsonistic exploitation
C) monopolistic exploitation
D) featherbedding
B
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In 2015, Hooverville consumed 205,000 tons of sugar. In 2016, sugar consumption rose to 245,000 tons. Calculate the percentage change in sugar consumption
A) 8.37% B) 11.95% C) 19.51% D) 26.33%
If a good is normal, then the income effect is _____ for a price increase and _____ for a price decrease.
A. positive; negative B. positive; positive C. negative; negative D. negative; positive
A foreigner buying U.S. goods must buy dollars to purchase them
a. True b. False Indicate whether the statement is true or false
Table 5.1National Income Accounts (dollar figures are in billions)Expenditures for consumer goods and services$4,565Exports$740Government purchases of goods and services$1,465Social Security taxes$510Net investment$225Indirect business taxes$520Imports$825Gross investment$865Corporate income taxes$185Personal income taxes$750Corporate retained earnings$45Net foreign factor income$20Government transfer payments to households$690Net interest payments to households$0On the basis of Table 5.1, depreciation is
A. $85 billion. B. $50 billion. C. $640 billion. D. $690 billion.