Economic cost
A. Includes both implicit and explicit costs.
B. Includes only implicit costs.
C. Decreases as the level of production increases.
D. Is the sum of actual monetary payments made for resources used to produce a good.
Answer: A
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With consumption on the vertical axis and leisure on the horizontal axis, the slope of the budget line is equal to
A) w. B) -w. C) ?. D) -?.
_____ is an online venue where businesses and individuals can hedge their uncertainty about whether legislation that affects them will be enacted
a. The American Civics Exchange b. Tradesports c. The Iowa Electronic Markets d. The Gallup and Roper surveys
Average total cost is
a. the change in cost as output decreases b. the change in cost as output increases c. TC / quantity of output d. MC - TC e. AVC - AFC
Economists who attempt to explain the increasing earnings gap between skilled and unskilled workers offer two main hypotheses:
a. one hypothesis emphasizes education, and the other emphasizes compensating differentials. b. one hypothesis emphasizes education, and the other international trade. c. one hypothesis emphasizes international trade, and the other emphasizes technology. d. one hypothesis emphasizes technology, and the other emphasizes compensating differentials.