The marginal revenue product schedule is:
A. the same whether the firm is selling in a purely competitive or imperfectly competitive
market.
B. the firm's resource demand schedule.
C. the firm's resource supply schedule.
D. upsloping.
Answer: B
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In the fooling model, what is held constant along a SAS curve?
A) the expected price level B) the nominal wage rate C) the expected price level and the nominal wage rate D) the real wage rate E) the nominal and real wage rates
Bill says: "The imposition of a tax on tequila will increase its price." Bob says: "Taxes should be imposed on tequila because college students drink too much." a. Both statements are normative
b. Both statements are positive. c. Bill's statement is normative, and Bob's statement is positive. d. Bill's statement is positive, and Bob's statement is normative.
Changing the discount rate
a. provides a signal that the Fed wants to encourage an expansion or contraction of the money supply. b. is usually done in large increments in order to have a rapid impact on business activity. c. is primarily remedial rather than preventive. d. is a function of the Federal Reserve Banks without any review by the Board of Governors.
You are trying to decide how to spend your last lunch dollar. You should use that dollar to buy more of the item:
A. that gives you the highest marginal utility per dollar. B. that costs the least. C. that gives you the highest average utility per dollar. D. from which you already have gained the greatest total utility.