The additional cost to a firm of producing one more unit of a good or service is the
A) total cost. B) opportunity cost. C) marginal cost. D) minimum cost.
C
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When the price of a good changes but the price of the only other good bought by a consumer stays constant, his
A. budget line shifts. B. indifference curves shift. C. budget line changes slope. D. indifference curves change slope.
What is the common feature displayed by the following items?
a. eating in a newly opened "fusion" cuisine restaurant b. attending a Red Sox game in Fenway Park c. wearing Lucky Brand designer jeans A) They are all highly inelastic goods. B) The consumption of these goods takes place publicly. C) They tend to be consumed by better educated people. D) The consumption of these goods takes place privately.
An exchange rate crisis is caused by
A) a sudden and an unexpected collapse in the value of a nation's currency. B) the inability of the IMF to predict the immediate collapse of the currency of a country. C) the adoption of a flexible exchange rate system by a country or group of countries. D) the adoption of a fixed exchange rate system by a country or group of countries. E) Both C and D are correct.
If government was not allowed to make interpersonal comparisons of utility, what effect would this have on how we tax people? a. We could not tax at all. b. We could not justify taxing the rich more than the poor. c. We would tax the rich more than the poor. d. Whatever tax government collects would have to be voluntarily given by the people taxed
e. We could continue taxing the way we do, but it would be less efficient.