The extra cost associated with producing or consuming the next unit is called the:
A. marginal cost.
B. variable cost.
C. utility cost.
D. sunk cost.
Answer: A
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Which of the following could have led to the shifts illustrated in the figure above?
i. The U.S. exchange rate was expected to depreciate between 2001 and 2009. ii. The U.S. exchange rate was expected to appreciate between 2001 and 2009. iii. The U.S. interest rate rose relative to interest rates in other countries between 2001 and 2009. A) i only B) ii only C) iii only D) i and iii E) ii and iii
The IV estimator can be used to potentially eliminate bias resulting from
A) multicollinearity. B) serial correlation. C) errors in variables. D) heteroskedasticity.
On a straight-line production possibilities frontier, which of the following is true?
a. The problem of scarcity does not exist. b. Resources are imperfect substitutes. c. Opportunity costs are constant. d. Technology is rapidly expanding. e. Some resources are not being used efficiently.
England has an absolute advantage in the production of
A. neither good and Spain has an absolute advantage in the production of both goods. B. both goods and Spain has an absolute advantage in the production of neither good. C. cheese and Spain has an absolute advantage in the production of bread. D. bread and Spain has an absolute advantage in the production of cheese.