The extra cost that results from carrying out one additional unit of an activity is the ________ of the activity.
A. marginal cost
B. reservation cost
C. opportunity cost
D. marginal benefit
Answer: A
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The idea of requiring motorists to pay to use the busiest streets in a city
a. has been proposed by many public officials, but to date the idea never has been tried in a major city anywhere in the world. b. was tried in New York City in the 1990s, but the result was more — not less — congestion on busy streets, and the experiment was short-lived. c. reflects the fact that a congested road is a public good. d. reflects the fact that a congested road is a common resource.
During the Great Depression, the actual unemployment rate in the U.S. ________, and the natural rate apparently ________
A) increased; decreased B) increased; remain unchanged C) increased; increased as well D) decreased; increased E) decreased; remained unchanged
In the above figure, what are the long-run equilibrium price level and real GDP?
A. 120 and $12 trillion B. 130 and $11.5 trillion C. 120 and $11.5 trillion D. 130 and $12 trillion
If the demand for a good is determined to be "unit elastic," then the elasticity measure
A) is greater than 1.0. B) is equal to 1.0. C) is less than 1.0. D) is infinite.