If a firm is maximizing profits, the extra revenue it receives from selling its last unit of output exceeds the extra cost of producing that unit
Indicate whether the statement is true or false
FALSE
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Country X produces only one good. It produced 12,500 units of a good during a particular year. If the price of the good during that year was $100 and the price of the good during the previous year was $95, the nominal GDP of the country is ________
A) $875,000 B) $1,187,500 C) $2,450,000 D) $1,250,000
What type of cost is defined as at least what the resource could earn in its best alternative use?
a. implicit cost b. explicit cost c. opportunity cost d. total cost
The direct transfer of goods and services rather than cash is known as
A. Welfare income. B. Poverty support. C. In-kind transfers. D. Transfer payments.
The interest rate the Federal Reserve charges commercial banks to borrow reserves is called the ________ rate.
A. Federal B. Fed funds C. prime D. discount