The addition to total output resulting from using one more unit of a productive resource is the
a. average product.
b. marginal input.
c. total product.
d. marginal product.
d. marginal product.
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What do economists call the situation where a hired manager does not have the same interests as the owners of the business?
A) a financial intermediary problem B) a principal-agent problem C) conquest and control D) a financial problem
Keynesians challenge the classical or monetarist view that payment schedules and patterns of spending and saving associated with the transactions demand for money are basically stable
Indicate whether the statement is true or false
Other things constant, if both the benefits and costs of a public-sector activity are widespread among voters, the political process will generally result in the
a. rejection of productive activities and acceptance of unproductive activities. b. acceptance of both productive and unproductive activities. c. rejection of both productive and unproductive activities. d. acceptance of productive activities and rejection of unproductive activities.
Comparisons of the link between the growth of the money supply and inflation indicate that
a. countries with high rates of monetary growth also experience high inflation. b. countries with high rates of monetary growth experience low inflation. c. monetary growth rates and inflation are unrelated. d. inflation is primarily the result of restrictive monetary policy.