The increase in total cost that results from producing one more unit of output is the marginal cost.
Answer the following statement true (T) or false (F)
True
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An import is any good that is:
A) produced and consumed domestically. B) priced through an auction mechanism. C) produced abroad, but sold domestically. D) rationed and licensed by the government.
Rare earth metals are used to manufacture some important electronic components in popular products like cell phones. These metals are not really rare, but they are expensive to extract from the ground
What happens to the market for the rare earth metals if these extraction costs increase? A) Demand curve shifts leftward B) Demand curve shifts rightward C) Supply curve shifts leftward D) Supply curve shifts rightward
Which of the following would be expected if the tariff on foreign-produced automobiles were increased?
a. The domestic price of automobiles would fall. b. The supply of foreign automobiles to the domestic market would decline, causing auto prices to rise. c. The number of unemployed workers in the domestic automobile industry would rise. d. The demand for foreign-produced automobiles would increase, causing the price of automobiles to increase in other nations.
Economic growth is important because expansion in the output of goods and services
What will be an ideal response?