Marginal cost is a good measure of
A. what society gains by using resources to produce more of a good or service.
B. what society gives up by using resources to produce more of a good or service.
C. the social value of a marginal unit of a good.
D. the least costly way to produce all units of a good.
Answer: B
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Scholarly estimates of the impact of immigration on the average American wage rate are in the range of:
A. -3% to +2% B. -3% to -2% C. -1% to +3% D. -5% to +1%
Of the many arguments in favor of tariffs, the one that has enjoyed significant economic justification has been the
A) cheap foreign labor argument. B) infant industry argument. C) even playing field argument. D) balance of payments argument. E) domestic living standard argument.
If the income elasticity of demand for a good is .59, then it is what type of good?
a. Price elastic. b. Price inelastic. c. Income inelastic. d. Income elastic. e. Inferior.
One shortcoming of real GDP as an indicator of society's social well-being is that it fails to take into account the:
A. non-market production. B. change in the price level. C. growth in productivity. D. increase in the quantity of goods.