The deadline for your research paper is tomorrow and you still need a day of work to complete the paper. Unfortunately, you are scheduled to work all day in the cafeteria. You can turn the paper in one day late for a 10 percent penalty or take the day off of work and turn the paper in by the deadline. Losing a day of wages will cost you $90. The marginal cost of turning the paper in on time is:
A. 10 percent deducted from your final score.
B. $90 in forgone wages.
C. not getting to lounge around all day.
D. the 10% deduction in score and $90 in forgone wages.
B. $90 in forgone wages.
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If real GDP exceeds potential GDP, to move the economy to potential GDP the Fed
A) raises the federal funds rate to increase potential GDP but not real GDP. B) lowers the federal funds rate to decrease real GDP but not potential GDP. C) raises the federal funds rate to decrease real GDP but not potential GDP. D) lowers the federal funds rate to increase potential GDP but not real GDP. E) raises the federal funds rate to decrease both real GDP and potential GDP.
When the demand for an imperfect competitor's product is greater than it planned, the firm will
A) increase the price of the product until supply equals demand. B) meet the demand at its set price. C) reduce the price until supply equals demand. D) allow a shortage of the product to develop, without changing the product's price.
The typical monopolistically competitive firm always earns an economic profit in the long run, regardless of whether or not it advertises
a. True b. False
Imposing an import quota causes the domestic real exchange rate to
a. appreciate, which increases foreign demand for domestic goods. b. appreciate, which decreases foreign demand for domestic goods. c. depreciate, which increases foreign demand for domestic goods. d. depreciate, which decreases foreign demand for domestic goods.