Refer to Scenario 1-2. Using marginal analysis terminology, what is another economic term for the incremental revenue received from the sale of the last 500 cigars?
A) sales revenue B) gross earnings C) marginal revenue D) gross profit
C
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Moving upward along an LM curve, ________ quantity of real money balances is equally demanded as higher real incomes are accompanied by ________ interest rates
A) an increasing, rising B) an increasing, falling C) a decreasing, falling D) a constant, rising E) a constant, falling
The marginal benefit of pollution abatement is the
A) additional cost to clean up an additional unit of pollution. B) additional benefit from cleaning up an additional unit of pollution. C) total social costs of pollution clean-up divided by total social benefits. D) total social costs of pollution clean-up divided by the total units of clean-up.
In a market that lacks sufficient competition,
a. output will generally be less than the output that is ideal from the standpoint of economic efficiency. b. output will generally be greater than the output that is ideal from the standpoint of economic efficiency. c. price will generally be less than the price that would result if the market was competitive. d. profit rates will generally be so low that government subsidies will be necessary to ensure that the firms remain in business.
A ________ is a congressional agreement about total outlays, spending by major category, and expected revenues, that guides spending and revenue decisions by the many congressional committees and subcommittees
a. continuing resolution b. budget resolution c. disclaimer vote d. filibuster