The opportunity cost of producing a good is the additional labor cost incurred to produce an extra unit of the good.
Answer the following statement true (T) or false (F)
False
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There exists diminishing _______________ for gambles
Fill in the blank(s) with the appropriate word(s).
Explain the per-worker production function and its relationship to the catch-up effect. Give an example of how the catch-up effect works.
What will be an ideal response?
When Pigouvian subsidy is imposed on a market with a positive externality, total surplus:
A. increases more than the increase in consumer surplus. B. decreases less than the increase in consumer surplus. C. decreases more than the decrease to producer surplus. D. increases less than the decrease to producer surplus.
Examples of command economies are:
A. the United States and Japan.
B. Sweden and Norway.
C. Mexico and Brazil.
D. Cuba and North Korea.