The rule that states that the marginal revenue product equal to price does not hold when there are more than two inputs.
Answer the following statement true (T) or false (F)
False
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Which of the following agencies calculates the CPI?
a. the National Price Board b. the Department Of Weight and Measurements c. the Bureau of Labor Statistics d. the Congressional Budget Office
Which of the following statements about a price system is TRUE? I. Prices ration goods and services. II. Prices indicate relative scarcity
A) I only B) II only C) Both I and II D) Neither I nor II
At the equilibrium price,
A. quantity demanded exceeds quantity supplied. B. quantity demanded equals quantity supplied. C. quantity demanded is unrelated to quantity supplied. D. quantity demanded is less than quantity supplied.
Suppose Japan is currently running a current account surplus. The most effective way of eliminating this current account surplus would be to temporarily ________ government purchases and ________ the domestic money supply.
A. increase; increase B. increase; decrease C. decrease; decrease D. decrease; increase