Which of the following is a correct definition of marginal cost (MC)?
a. It is the added cost that results from hiring one more employee.
b. It is the increase in the average cost that results from producing one more unit of a good.
c. It is the decrease in profits that results from selling another unit of a good.
d. It is the cost per unit of a good produced -- i.e., total cost divided by quantity.
e. It is the added cost that results from producing one more unit of a good.
e. It is the added cost that results from producing one more unit of a good.
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Compared to the level of real GDP per person in 1870, by 2010, real GDP in the U.S was ________ times larger, while real GDP per person in Japan was ________.
A. 12; 30 times larger B. 12; smaller C. 30; 12 times larger D. 12; 12 times larger
In the above figure, the curve labeled a is the ________ curve and the curve labeled b is the ________ curve
A) marginal cost; marginal benefit B) marginal cost; trade line C) marginal benefit; trade line D) production possibilities frontier; trade line
Compare and contrast the tax base with the tax rate structure
What will be an ideal response?
Government spending that shifts income from one group of society to another, such as price subsidies and cash payments, is known as
a. merit goods spending b. debt servicing c. transfer payments d. countercyclical payments e. social spending