(Last Word) A caller to a radio talk show states that protesters against globalization are a collection of "anarchist punks, naïve college students, and trade union radicals." This is an example of:
A. the fallacy of composition.
B. the economic perspective.
C. loaded terminology.
D. marginal analysis.
Answer: C
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Marginal cost
A. is the increase in total cost resulting from production of one additional unit of output. B. is the cost of the marginal unit of output. C. and the average cost curve are U shaped. D. All of the responses are correct.
The Glass-Steagall Act became law in the
A) 1890s. B) 1910s. C) 1930s. D) 1950s.
The representative consumer acts competitively
A) when he or she can haggle for a lower price. B) when he or she is a price-taker. C) when he or she is a price-maker. D) if the consumer is large relative to the size of the market.
As long as the amount of food stamps an individual receives is less than they would have spent on food without the food stamps, the food stamps act like a straight income transfer
a. True b. False