The wages paid to the workers in a leather processing plant are:
a. considered the total cost of the plant
b. considered a fixed cost of the plant.
c. considered a variable cost of the plant.
d. considered a marginal cost of the plant.
c
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Based on the table above, equilibrium real GDP is
A) $6 trillion. B) $7 trillion. C) $9 trillion. D) $8 trillion. E) $10 trillion.
The difference between the marginal social cost and the marginal private cost equals the
A) cost of producing an additional unit of a good. B) marginal external benefit. C) marginal external cost. D) marginal private benefit.
The majority of the elderly can live comfortably on the assets they have accumulated
Indicate whether the statement is true or false
If Karen gets up early and studies three hours for her test, she is likely to get an A. If she sleeps in, she will probably get a C. What is the opportunity cost of sleeping in?
(A) Three additional hours of study. (B) a C. (C) An A. (D) Three additional hours of sleep.