The sum of the explicit and implicit costs incurred in the production process is called
a. fixed cost.
b. sunk cost.
c. marginal cost.
d. total cost.
D
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A command-and-control approach to environmental policy
a. requires that the least amount of resources be used to achieve an objective b. uses incentives to encourage pollution reduction c. uses limits or restrictions to directly regulate polluters d. is rarely used by governments in the United States and other nations
For automobile demand in the U.S., the income response tends to be larger in the:
A) short run. B) long run. C) The income response is the same in the long run and the short run. D) We do not have enough information to answer this question.
If the government increases funding to college work-study programs, which of the following would happen in the labor market?
a. Wages will increase and the labor force will increase. b. The labor force will decrease but there will be an ambiguous change in the wage. c. Wages will decrease and the labor force will increase. d. The labor force will increase but there will be an ambiguous change in the wage. e. Wages will increase and the labor force will decrease.
Indifference curves located closer to the origin
a. are less preferred to those located farther away from the origin b. are more preferred to those located farther away from the origin c. cannot be tangent to a budget line d. eventually become straight lines that coincide with the budget line e. represent preferences that are not rational