The extra cost that results from carrying out one additional unit of an activity is the ________ of the activity.
A. opportunity cost.
B. reservation cost
C. marginal benefit
D. marginal cost
Answer: D
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Although finished goods are scarce, the inputs to produce them are not scarce.
Answer the following statement true (T) or false (F)
The above figure shows the market for biologists. The government decides to set a minimum wage for biologists of $18 per hour. After this minimum wage is in effect, the firms' surplus equals ________
A) $800 B) $900 C) $1,800 D) $400 E) $200
A passbook savings account serves as
A) a medium of exchange and a store of value. B) a medium of exchange but not a store of value. C) a store of value but not a medium of exchange. D) as neither a store of value nor a medium of exchange.
Which of the following definitions of the money supply includes only the most liquid forms of money?
a. M1 b. M2 c. savings deposits. d. money market mutual deposits.