What is marginal social cost?
What will be an ideal response?
Marginal social cost is the total cost to society of producing an additional unit of a good or service. It is equal to the sum of the marginal costs of producing the product and the correctly measured damage costs involved in the process of production.
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A tax that taxes a larger percentage of an individual's income as their income rises is called a _____
a. proportional tax b. progressive tax c. head tax d. regressive tax
_____ have no decision-making powers but can lose no more than what they have invested
a. Limited partners in a limited partnership b. General partners in a limited partnership c. Senior managers in a joint venture d. Sole proprietors
One reason dressing well for a job interview may not be an effective signal is
A. a person who has successfully completed a job-training program might be unable to afford a new suit. B. buying a suit takes time away from studying. C. people who are more serious about getting a job will make the investment in a new suit. D. it is costly for a person less interested in the job to buy a new suit.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y2. C. P3 and Y1. D. P2 and Y3.