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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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.
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