To compare the costs of a college education with its monetary benefits, economists use the concept of
A. actual costs and benefits.
B. plausible deniability.
C. present value.
D. enumerated costs and benefits.
Answer: C
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Use the following graph for a competitive market to answer the question below.
Assume the government imposes a $3 tax on buyers, which results in a shift of the demand curve from D1 to D2. The amount of the tax paid by the seller is
A. $3. B. $1. C. $2. D. $8.
What is a Pigouvian tax?
What will be an ideal response?
According to the law of diminishing returns, an additional unit of
A) capital produces more output than an additional unit of labor. B) labor decreases output. C) labor produces more output than the previous unit. D) labor produces less output than the previous unit.
The field of macroeconomics studies ______ and microeconomics studies ______.
A. economic aggregates; individual markets B. individual markets; economic aggregates C. international variables; variables within a single economy D. variables within a single economy; international variables