While waiting in line to buy two tacos at 75 cents each, and a medium drink for 80 cents, Emma notices that the restaurant has a value meal containing three tacos and a medium drink all for $2.50 . For Emma, the marginal cost of purchasing the third taco would be
a. zero.
b. 20 cents.
c. 75 cents.
d. 80 cents.
B
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A monopoly is a firm that produces a good or service for which no close substitute exists
Indicate whether the statement is true or false
The bulk of the decline in the natural rate of unemployment from 1980 to 2000 is because of
A) a decline in the inflation rate. B) a decline in the share of young workers in the labor force. C) increased competition from foreign workers. D) the depreciation of the dollar relative to foreign currencies.
Technical efficiency in production means a given level of output is produced with the minimum amount of inputs.
Answer the following statement true (T) or false (F)
Recall the Application about how society will cope with increased demands for entitlement programs to answer the following question(s). This Application addresses the impact of increasing life expectancy and aging populations on the costs of government entitlement programs such as Social Security, Medicare and Medicaid, and examines several possible solutions to the potential problem.According to this Application, one strategy proposed to deal with the rising expenses of government entitlement programs is for the government to save and invest now so as to reduce the burden on future generations. This strategy would:
A. increase GDP, and entitlement programs would increase along with GDP. B. increase GDP and entitlement programs would decrease. C. increase GDP and eliminate entitlement programs. D. not change GDP, but shrink entitlement programs.