Suppose it costs a farmer $1.00 to produce 1 unit of corn, $2.10 to produce 2 units of corn, and $3.30 to produce 3 units of corn. What's the marginal cost of producing 3 units of corn?
A) 0
B) 30 cents
C) $1.10
D) $1.20
E) $3.30
D
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The combination of psychology and economics to determine individual decision making is known as
A) behavioral economics. B) psychonomics. C) the rule of thumb. D) positive analysis.
An excise tax
A. is a sales tax on the purchase of a particular good or service. B. is a tax on the profits earned from the sale of an asset. C. represents a surcharge on corporate profits beyond the normal corporate tax rate. D. is a tax on income-earning rental property.
All the following are assumptions of the classical model EXCEPT
A. wages and prices are flexible. B. buyers and sellers react to nominal money prices rather than to relative prices. C. people are motivated by self-interest. D. pure competition exists.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, a decrease in unemployment may be represented by the movement from
A. B to A. B. C to D. C. B to D. D. A to C.