Refer to Scenario 1-2. Using marginal analysis terminology, another economic term for the incremental cost of producing the last 300 hats is
A) marginal cost. B) explicit cost.
C) operating cost. D) Any of the above terms are correct.
A
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If a country's international reserves are increasing, then its exchange rate is ________ and there is a balance-of-payments ________.
A. undervalued; surplus B. overvalued; surplus C. overvalued; deficit D. undervalued; deficit
Before the Great Depression of the 1930s, the majority of government spending took place at the ________ and after the Great Depression the majority of government spending took place at the ________
A) federal level; state level B) federal level; state and local levels C) state and local levels; federal level D) local level; federal level
The government and a private business are alike in terms of ________ but different in terms of ________.
A. the economic pressure they feel to be efficient; the economic impact of their spending B. the economic pressure they feel to be efficient; the nature of their relationships with their customers C. the nature of their relationships with their customers; the economic pressure they feel to be efficient D. the economic impact of their spending; the economic pressure they feel to be efficient
Refer to the data provided in Table 9.1 below to answer the question(s) that follow.
Table 9.1
Refer to Table 9.1. If the market price is $42, then for this firm to maximize profits it should produce ________ units of output and its profits will be ________.
A. five; $70 B. six; $70 C. six; $120 D. seven; $58