Marginal social cost equals marginal ________ cost plus marginal ________ cost, and reflects the true marginal cost to society of an additional unit of production
a. fixed; variable
b. implicit; explicit
c. labor; capital
d. private; external
d
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With the exception of during recessions, workers in Canada are eligible for unemployment benefits for about twice as long a period of time as workers in the United States. As a result,
A) frictional unemployment is higher, on average, in the United States than in Canada. B) the opportunity cost of job search in Canada is lower than in the United States. C) the average duration of unemployment is longer in the United States than in Canada. D) the unemployment rate in Canada is usually higher than in the United States.
In the principal-agent problem, the principal is:
A. a person who entrusts someone with performing a task. B. a person who carries out a task on someone else's behalf. C. a person who is in charge of an educational system. D. a person who is the source of the problem.
Another term for externality is:
a. attractive nuisance. c. spillover. c. pollutant. d. partnership.
The act of putting a new product on the market in order to make profits is called
A. invention. B. innovation. C. investment. D. development.