The total economic cost of producing a good or service is called the
a. comparative value of construction.
b. social consequence of resources.
c. marginal valuation of output.
d. opportunity cost of production.
D
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In the above figure, as output increases, the distance between curves B and C decreases because
A) total cost decreases as output increases. B) average fixed cost decreases as output increases. C) there are diminishing returns to average total cost. D) there are increasing marginal costs as output increases.
Refer to Table 2.4. The inflation rate for 2012 is
A) -8.22%. B) 8.95%. C) 9.13%. D) 10.89%.
Refer to Scenario 12.3. What price would this new drink sell for if it sold in a competitive market?
A) 0 B) $3 C) $13.50 D) $16.50 E) $27
What best describes immigration in the US?
a. South-eastern Europe was the largest source of immigrants in the late 19th century and Latin America was the largest source at the beginning of the 20th century. b. Asia was the largest source of immigrants in late 20th century and south-eastern Europe was the largest source in the first half of the 19th century. c. Britain was the largest source of immigrants through the 18th century and Germany and Ireland were the largest sources in the last quarter of the 19th century. d. Ireland and Germany were the largest sources of immigrants in the middle of the 19th century and Latin America and Asia were the largest sources at the end of the 20th century.