Marginal cost is the
A) change in average cost when an additional unit of output is produced.
B) the additional output when total cost is increased by one dollar.
C) additional cost of producing an additional unit of output.
D) change in the price of inputs if a firm buys more inputs to produce an additional unit of output.
Answer: C
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Say you had an 8 A.M. economics class, and you only come to campus to attend your economics class. The cost of coming to the economics class would then include: a. the value of the time it took to drive to campus. b. the cost of the gasoline it took to get to campus. c. the cost of insuring the car for that day
d. a. and b.
Which of the following provides a longer run measure of the exchange rate?
a. purchasing power parity (PPP) b. exchange rate c. GDP per capita d. GDP
Based on the graph showing the supply and demand for health care service, health insurance ______.
a. decreases the demand for health care
b. increases the demand for health care
c. decreases the price for health care
d. increases the efficiency of health care
Suppose the MPC is 0.8 in Canada and the MPC of Home goods is 0.55. If income increases by $100 million in Canada, then the increase in consumption of domestic goods will be:
a. $25 million. b. $80 million. c. $55 million. d. $35 million.