What is measured by marginal revenue product?
What will be an ideal response?
Marginal revenue product is the additional revenue a firm earns by employing one additional unit of input.
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Which of the following transactions directly leads to a surplus on the U.S. capital and financial account?
A) An American purchases a share of stock on the Tokyo exchange. B) An American sells wheat to an African nation. C) A Japanese resident purchases a U.S. government bond. D) A resident of France visits the United States.
Which of the following nations spends more per person on healthcare?
A) Switzerland B) United Kingdom C) Germany D) None of the above nations spend more on healthcare.
The term "market" in economics refers to
A) a group of buyers and sellers of a product and the arrangement by which they come together to trade. B) a legal institution where exchange can take place. C) an organization which sells goods and services. D) a place where money changes hands.
All of the following statements about the Nonpoint Source Management Program are correct EXCEPT
a. It was enacted as part of the Water Quality Act of 1987. b. It is to be implemented by states with federal approval. c. The federal government offers no funding for the program. d. States are to implement a 3-part plan comprising reporting, program development, and program implementation.