Cost is always a forgone
What will be an ideal response?
opportunity
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If the firm in the given graph were to produce Q1 and charge P3, the area A would represent:
These are the cost and revenue curves associated with a firm.
A. consumer surplus.
B. producer surplus.
C. deadweight loss.
D. profits.
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The ability of a country to produce a specific good at a lower opportunity cost than its trading partners is known as
A. Absolute advantage. B. The inequality trap. C. Comparative advantage. D. The human advantage.
Insurance that pays all expenses generated by the insured activity is known as:
A. total-dollar insurance coverage. B. cradle-to-grave insurance coverage. C. last-dollar insurance coverage. D. first-dollar insurance coverage.