(Last Word) The Great Recession of 2007-2009 significantly increased:
A. both the rate of unemployment and the average length of time people were unemployed.
B. the rate of unemployment but not the average length of time people were unemployed.
C. the average length of time people were unemployed but not the rate.
D. both the rate of inflation and the rate of unemployment.
A. both the rate of unemployment and the average length of time people were unemployed.
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The marginal social cost is
A) equal to the marginal private cost plus the marginal external cost. B) equal to the marginal private cost minus the marginal external cost. C) the same as the marginal private cost. D) the same as the marginal external cost.
Joe and Ed go to a diner that sells hamburgers for $5 and hot dogs for $3. They agree to split the lunch bill evenly. Ed chooses a hot dog. The marginal cost to Joe if he orders a hamburger, instead of a hot dog, is
A. $1. B. $2. C. $2.50. D. $3.
Sellers of high-quality used goods are ________ likely to offer money-back guarantees because ________.
A. more; buyers will not ask for their money back B. less; buyers will be willing to purchase high-quality goods even without a guarantee C. more; they are wealthier and so can afford to give money back D. less; buyers consider guarantees to be a sign of an inferior good
The price elasticity of demand for a variable input will be greater
A) the fewer substitutes there are for the final product. B) the easier it is for a particular input to be substituted for by other inputs. C) the lower the price elasticity of supply of all other inputs. D) the smaller the proportion of total costs accounted for by a particular variable input.