Which of the following represents the marginal cost of a soda? I. The opportunity cost of producing another soda. II. The minimum price someone is willing to pay for another soda
A) I only
B) II only
C) I and II
D) Neither I nor II
A
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Intellectual property
A) is protected by common law rather than by written laws. B) is protected by people's sense of decency rather than by written laws. C) belongs to everyone with the necessary human capital to use it. D) is often protected by copyrights and patents.
Marginal benefit refers to the additional benefit that your activity provides to you
Indicate whether the statement is true or false
Which of the following is included in the calculation of GDP?
a. The purchase of tutoring services from a tutor who holds citizenship outside the country but resides within the country. b. The purchase of a new edition of a foreign textbook that was produced in a different nation. c. The purchase of ink and paper supplies by a textbook company for the production of new textbooks. d. The purchase of a used textbook from a friend who took the same class last year.
If an individual wins a multimillion dollar lottery and chooses to receive annual payments equaling the total prize, this person has a
A) relatively low discount rate. B) relatively high discount rate. C) discount rate of zero. D) It is impossible to tell.