Marginal cost may be defined as
A. the change in average total cost that results from producing one more unit of output.
B. the change in average variable cost that results from producing one more unit of output.
C. the change in total cost that results from producing one more unit of output.
D. the rate of change in total fixed cost that results from producing one more unit of output.
C. the change in total cost that results from producing one more unit of output.
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If Paul decides to buy a $60 ticket to a Cirque du Soleil show rather than a $45 ticket for a Blue Man Group performance, we can conclude that
A) the marginal utility per dollar spent on Cirque du Soleil is higher than the marginal utility per dollar spent on Blue Man Group. B) the marginal utility per dollar spent on Cirque du Soleil is lower than the marginal utility per dollar spent on Blue Man Group. C) Paul is not making a rational choice. D) Paul's demand for a ticket to see Cirque du Soleil is more elastic than his demand for a ticket to see Blue Man Group.
The financial system is primarily a means by which
A) funds are transferred from savers to borrowers. B) money is put into circulation. C) the government puts into operation its plans for the economy. D) business firms distribute their goods.
What does the Gini coefficient measure?
A. the correlation coefficient between income and education B. the degree of inequality in an income distribution C. the degree of tax incidence paid by poor workers D. the covariance of income and education E. the rate of growth of income inequality over time
China began pegging its currency, the yuan, to the U.S. dollar in 1994. Because the yuan has been ________ at the pegged exchange rate, the Chinese government ________ its reserves of U.S. dollars as the government purchased more ________ to maintain the pegged exchange rate.
A) undervalued; increased; dollars B) undervalued; decreased; yuan C) overvalued; decreased; yuan D) overvalued; increased; yuan