While waiting in line to buy two tacos at 80 cents each and a medium drink for 90 cents, Jordan notices that the restaurant has a value meal containing three tacos and a medium drink all for $3. For Jordan, the marginal cost of the third taco would be...
What will be an ideal response?
50 cents
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What is a black market?
What will be an ideal response?
In colonial America, ____________ was/were especially scarce, while the supply of _______________ was plentiful
a. land and labor; capital b. capital and labor; land c. land and capital; labor d. unskilled labor; skilled labor
Suppose Bev's Bags makes two kinds of handbags-large and small. Bev rents an industrial space where she keeps the fabric, the industrial sewing machine, her measuring board and cutting shears, extra needles, thread and buttons, and labels. If Bev were to produce no bags, what would her variable cost include?
A. The cost of the fabric B. The sewing machine C. The measuring board D. Her variable cost would be zero if she produced zero bags.
"Smokers are more likely to be murdered than nonsmokers." This statement is an example of:
A) the fallacy of unintended consequences. B) a positive economic statement. C) a normative economic statement. D) a value judgment.