In economics, the term ________ means "additional" or "extra."
A) allocative B) equity C) marginal D) optimal
C
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Some people choose to live close to the city center; others choose to live away from the city and take a longer commute to work every day. Does picking a location with a longer commute imply a failure to optimize?
What will be an ideal response?
How much of U.S. government debt is held by the rest of the world?
What will be an ideal response?
If the U.S. economy grew rapidly in the future, would this eliminate the long run deficit of Social Security?
a. No; future Social Security benefits are tied to nominal wages and therefore increases in real incomes will also increase the future retirement benefits. b. Yes; a rapid real growth rate would increase tax revenues without increasing the real benefit levels of future recipients. c. Yes, more rapid growth would lead to inflation and this would help eliminate the system's long run deficit. d. Yes, but only if the rapid growth led to a substantial increase in net exports.
Which of the following is not a condition for perfect competition?
A. Firms have perfect information. B. Firms take prices as given. C. Firms are protected by barriers to entry. D. Firms sell a standardized product.