In the above table, what is the marginal cost to produce the 5th unit of output?
A. $80
B. $60
C. $20
D. $55
Answer: A
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A 2 percent increase in income increases the quantity demanded of a good by 1 percent. The income elasticity of demand for this good is _______. The good is a _______ good
A. 2; normal B. –2; inferior C. 1/2; normal D. 2; inferior
In the housing market, rents serve the purpose of
A) making landlords rich. B) rationing the availability of existing housing. C) providing an entry by the government into the housing market. D) increasing tax collections by the community.
Which of the following programs is not included in the federal income security spending?
a. Social Security b. welfare c. education d. unemployment compensation
What type of economic system is the United States economy based on?
a. cause and effect b. centralized c. market d. production