The Valley View town council has just purchased a lot and built a soccer field for free public use. What is the main cost of the soccer field to the average citizen?
a. There is no cost because anyone can use it.
b. The cost is the lost chance to do other things with the money and land.
c. The cost is the user fee required to play soccer there.
d. The cost is the salaries of the public officials who made the decision.
b. The cost is the lost chance to do other things with the money and land.
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Variable spending arising as part of the operation and maintenance of abatement processes is known as
a. capital costs b. operating costs c. fixed costs d. implicit costs
An increasing-cost industry is associated with:
A. a perfectly elastic long-run supply curve. B. an upsloping long-run supply curve. C. a perfectly inelastic long-run supply curve. D. an upsloping long-run demand curve.
The indifference curve in the diagram yields Juan 100 units of utility. If Juan's money income were to increase by 20 percent, the indifference curve would:
A. shift leftward.
B. shift rightward.
C. become steeper.
D. not be affected.
The unemployment rate equals
A. (labor force - employed)/labor force. B. (employed - unemployed)/labor force. C. labor force/population. D. unemployed/employed.