Marginal (in Econ)
What will be an ideal response?
- Additional, incremental, change
- Incremental benefits vs. incremental costs
You might also like to view...
Answer the following statements true (T) or false (F)
1. If a nation is producing a combination of goods inside its production possibilities curve, it is underutilizing its resources. 2. A nation’s production possibilities curve can be shifted outward by technological development. 3. A production possibilities curve will shift outward when additional resources are found. 4. Because of the high level of output in the United States, there is little need for choosing among alternative output combinations.
If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.
An increase in the price of butter, a substitute good, would be most likely to cause
a. a rightward shift of the demand curve for margarine b. a leftward shift of the demand curve for margarine c. the quantity of margarine demanded to increase d. the quantity of margarine demanded to decrease e. a decrease in the price of margarine
Suppose an employer is biased against African Americans. If his discrimination coefficient is $2, the employer will:
A. randomly hire African-American and white workers if the actual African-American-white wage differential is more than $2. B. randomly hire African-American and white workers if the actual African-American-white wage differential is less than $2. C. hire only African Americans if the actual African-American-white wage differential is less than $2. D. hire only whites if the actual African-American-white wage differential is less than $2.