Total cost is calculated as
A. the sum of all the firm's explicit costs.
B. the sum of average fixed cost and average variable cost.
C. the sum of total fixed cost and total variable cost.
D. the product of average total cost and price.
Answer: C
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A society can improve environmental quality at the lowest cost when pollution is reduced by
What will be an ideal response?
The "underground economy" refers to
A) the buying and selling of goods that is concealed from the government. B) the production of goods and services used by the government for covert spy operations. C) the sector of the economy that earns profits that are higher than average. D) the formal sector of the economy in developing countries.
You won a free ticket to see the latest Star Trek movie this Friday night (which you can costlessly resell for its face value of $15). Your favorite band is also performing on Friday and is your only alternative activity. Friday is your last chance to see either the movie or the band. Tickets to see your favorite band cost $30, and on any given day, you would be willing to pay as much as $50 for a ticket. Based on this information, what is your opportunity cost of going to see the Star Trek movie on Friday?
A. $30 B. $35 C. $50 D. $0
Which of the following represents a collective action problem?
A) The battery in Billy's pickup truck has died so he must leave his house 90 minutes earlier than usual to take public transportation to work. B) Sonia cuts down a diseased oak tree in her back yard, eliminating the shade that blocked the afternoon sun from shining through her living room windows. C) Miss Lander's third grade class has to cut short their field trip to Insect World because someone in Mr. Rutherford's fourth grade class accidentally opened the safety door in the bumblebee exhibit. D) Most of the audience cannot hear the dialog at a midnight showing of The Room because the film's most ardent fans insist on shouting with the dialog throughout the entire screening.