In economics, the term ________ means "additional" or "extra."
A) allocative
B) marginal
C) equity
D) optimal
Answer: B
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A perfectly competitive firm breaks even at a price equal to its minimum average total cost
Indicate whether the statement is true or false
In a reserve currency system (such as the Bretton Woods system or the European ERM), currencies peg to a reserve currency. As a result:
A) only the reserve currency country has monetary autonomy. B) all countries, other than the reserve currency country, have monetary autonomy. C) all countries have monetary autonomy. D) no country has monetary autonomy.
Which of the following types of unemployment would be reduced by government- subsidized retraining programs?
a. cyclical b. frictional c. seasonal d. structural
The computation of GDP by adding up all components of national income including wages, interest, rent and profits is
A. the expenditure approach. B. transfer payments. C. the income approach. D. the value of all securities.