The change in total cost that results from the production of one additional unit is called:
a. marginal revenue.
b. average variable cost.
c. marginal cost.
d. average total cost.
c
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Which question is an example of a macroeconomic question?
A. What economic incentives can be used to reduce the cost of health care in the nation? B. What is the level of industrial concentration in the US automobile industry? C. What market conditions are expected for milk in the nation this year? D. What policies would be recommended for stimulating national economic growth?
Refer to the figure above. When the demand curve for gas is D2 and the supply curve for gas is S, the surplus in the market when price is $8 is:
A) 20 gallons. B) 55 gallons. C) 25 gallons. D) 50 gallons.
In 2008, the Treasury and Federal Reserve took several actions in response to the deepening financial crisis. One action was that the Fed announced it would loan up to $200 billion of Treasury securities in exchange for
A) stock. B) mortgage-backed securities. C) corporate bonds. D) required bank reserves.
How do a partnership and a corporation differ?
A) Partnerships have unlimited liability while corporations have limited liability. B) Corporations can issue stocks and bonds, while partnerships cannot. C) Corporations face more taxes than do partnerships. D) All of these are differences between the two types of businesses.