The marginal social cost, MSC, of producing a good or service equals
A) MC + MB.
B) MB + marginal external cost.
C) MB + marginal external benefit.
D) MC + marginal external cost.
D
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Which of the following relate(s) to gross profit margin?
a. a term often used in manufacturing businesses b. the profit margin after subtracting direct costs from wholesale revenue c. the profit margin after subtracting variable manufacturing costs d. a and b e. a through c
Alexis de Tocqueville observed in his Democracy in America: "There is no country in which everything can be provided for by the laws, or in which political institutions can prove a substitute for
A) common sense and morality."
B) economic development."
C) police and prisons."
D) supply and demand."
E) the private pursuit of private interests."
Countries that engage in trade will tend to specialize in goods in which they have a(n) _______ and will _______ those goods.
A) comparative advantage; import B) absolute advantage; export C) comparative advantage; export D) economic profit; import
The MPC can be defined as the:
a. Change in income divided by the change in consumption b. Ratio of income to saving c. Change in consumption divided by the change in income d. Ratio of saving to consumption