Refer to the scenario above. The opportunity cost per dollar of value added in the production of Good X by worker 2 is ________
A) $87.50 of value added in the production of Good Y
B) $100 of value added in the production of Good Y
C) $0.50 of value added in the production of Good Y
D) $0.70 of value added in the production of Good Y
D
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The marginal social cost of production is the
A) marginal private cost plus the marginal external cost. B) same as the marginal cost of any externality. C) total cost of any externality. D) marginal private cost minus the marginal external cost.
The Japanese keiretsu is an example of a(n) ________.
A. Mform of organization B. Uform of organization C. mixed design D. network organization
The responsiveness of the quantity demanded of one good to a change in the price of a different good is measured by the:
A. price elasticity of demand. B. cross-price elasticity of demand. C. income elasticity of demand. D. price elasticity of supply.
A political problem with discretionary fiscal policy is the
A. business cycle. B. split control of the legislative and judicial branches of government. C. Federal Reserve. D. political business cycle.