The change in a firm's total cost from producing one more unit of a good or service is the firm's
A) explicit cost of production.
B) marginal cost of production.
C) average cost of production.
D) implicit cost of production.
Answer: B
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In 1980, one Zimbabwean dollar was worth 1.47 U.S. dollars. By the end of 2008, the exchange rate was one U.S. dollar to 2 billion Zimbabwean dollars
When an economy experiences rapid increases in the price level such as what occurred in Zimbabwe, the economy is said to experience A) inflation. B) stagflation. C) hyperinflation. D) deflation.
The least costly combination of inputs is influenced by the relative prices of inputs.
Answer the following statement true (T) or false (F)
When a per unit tax is imposed on the sale of a product of a monopolist, the resulting price increase will
A) always be less than the tax. B) always be more than the tax. C) always be less than if a similar tax were imposed on firms in a competitive market. D) not always be less than the tax.
Environmental pollution is accounted for in:
A. GDP. B. PI. C. DI. D. none of these.