A company could produce 99 units of a good for $316 or produce 100 units of the same good for $320. The marginal cost of the 100th unit
A) is $3.20.
B) is $4.00.
C) is $320.
D) cannot be calculated with this information.
B
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Prior to World War I, the U.S. government's attitude towards labor unions was one of
A) indifference. B) support. C) hostility. D) support, except when it came to unions of public employees.
The primary benefit of a monetary system of exchange compared to a barter system is the increased
A. ability to record transactions. B. time necessary to find trading partners. C. time devoted to shopping. D. efficiency in arranging transactions.
Expansionary fiscal policy during a recession means cutting taxes, increasing government spending, or taking both actions.
Answer the following statement true (T) or false (F)
Answer the following statement(s) true (T) or false (F)
1. If a model is based on unrealistic assumptions, then it cannot be robust. 2. Equilibrium conditions are used to analyze the desirability of economic outcomes. 3. A Nash equilibrium is one in which each individual optimizes taking market prices as given. 4. Efficiency is one common criterion that economists use to judge whether or not an outcome is desirable. 5. Even if an economic model is not detailed enough to give numerical predictions, it might still be useful if it can indicate the direction of change in economic variables.