When an economist says a change in the market for land causes a farmer to use his land more intensively, he means that the farmer
a. produces more output than before, so the marginal product of his land falls.
b. produces less output than before, so the marginal product of his land rises.
c. uses greater amounts of nonland inputs than before, so the marginal revenue product of his land rises.
d. uses smaller amounts of nonland inputs than before, so the marginal revenue product of his land falls.
c
Economics
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Which of the following is a major macroeconomic goal?
a. Low prices b. Declining prices c. Pure competition d. Stable prices e. High prices
Economics
The chair of the Board of Governors of the Federal Reserve is
a. appointed by the U.S. president. b. elected by the twelve Federal Reserve Banks. c. elected by member banks. d. appointed by Congress.
Economics