A central bank's international reserves consists of its holdings of
A) gold.
B) silver and gold.
C) foreign assets and gold.
D) domestic assets and precious metals.
E) foreign and domestic currency holdings.
C
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The minimum wage is set above the equilibrium wage rate. Does the minimum wage create inefficiency?
A) Yes B) No C) Only if the supply of labor is perfectly inelastic D) Only if the supply of labor is perfectly elastic E) Only if employment exceeds the efficient amount
In economics, the term ________ means "additional" or "extra."
A) allocative B) equity C) marginal D) optimal
An argument in favor of foreign direct investment is that it tends to
(a) reduce inequality. (b) promote rural development. (c) increase access to modern technology. (d) decrease local ownership. (e) none of the above.
Marginal revenue product is the
A. additional revenue from one additional dollar increase in price. B. change in the revenue product resulting from one additional unit of input. C. additional revenue from one additional unit of input. D. change in revenue resulting in one additional dollar in price.