The cost of a one-unit increase in an activity is called the
A) rational cost.
B) opportunity benefit.
C) marginal cost.
D) marginal benefit.
E) margin.
C
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The demand for luxury suites at basketball games is more elastic if
A) these suites are a necessity. B) these suites are a luxury item. C) few close substitutes exist for these suites. D) basketball fans have little time to look for alternative suites. E) poorer fans cannot afford luxury suites.
Suppose your college sharply raises tuition rates next year. Other things constant, what is the least likely to occur?
A) The overall demand for courses at your college will fall. B) Your college bookstore will sell fewer textbooks. C) It will be easier to find parking at your college. D) Fewer students will use your college library.
The Federal Reserve ________
A) engages in stabilization policy by setting interest rates B) engages in fiscal policy by setting interest rates C) addresses financial crises by raising taxes D) all of the above E) none of the above
Which of the following is not correct concerning quotas?
a. The enactment of quotas rewards domestic producers with higher prices. b. The enactment of quotas creates opportunities for lobbyists to seek the perpetuation of quotas. c. Quotas on steel, textiles and apparel, and sugar have been in effect for several decades. d. Lobbying efforts by domestic producers and foreign exporters are vigorously fought by domestic consumers. e. The auctioning of quotas would reduce their attractiveness to foreign exporters.