Cost-of-living adjustments are:
A. indexed payments.
B. common in the U.S.
C. not performed on social security payments.
D. not very common in Europe.
A. indexed payments.
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If the 15th unit of output has a marginal cost of $29.50 and the average cost of producing 14 units of output is $30.23, what will happen to the average cost of production if the 15th unit is produced?
A) Average cost will fall. B) Average cost could increase or decrease depending on what happens to fixed cost. C) Average cost increases as more is produced. D) Average cost could increase or decrease depending on what happens to variable cost.
China linked its exchange rate to the U.S. dollar which meant in the 2004-2007 period
A) it appreciated against most other currencies, hurting its manufacturing competitiveness. B) it depreciated against most other currencies, making its products cheaper. C) it decreased the size of its merchandise trade surplus. D) it overvalued its currency, making it hard to attract foreign investment.
Tariffs lead to
A. the expansion of relatively efficient industries. B. an under allocation of resources to relatively efficient industries. C. an increase in the foreign demand for domestically produced goods. D. an under allocation of resources to relatively inefficient industries.
When the government pays part of my university education, it is
A. internalizing an external cost. B. using direct regulation to discourage an external cost. C. using taxes to discourage an external cost. D. subsidizing an external benefit.