Marginal cost refers to the incremental cost arising from a decision.
Answer the following statement true (T) or false (F)
True
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Some companies and celebrities are using a variant of pollution rights to become "carbon neutral."
a. True b. False
When a country has the ability to produce a good or service at a lower opportunity cost than others, they:
A. have an absolute advantage. B. have a comparative advantage. C. are free-traders. D. should remain self-sufficient.
Which of the following statements is not correct?
a. An advantage of the Earned Income Tax Credit (EITC) is that it targets the working poor better than the minimum wage because it does not benefit teenagers from middle-class families who work summer jobs at the minimum wage. b. A disadvantage of in-kind transfer programs such as food stamps is that they force recipients to purchase from a restricted set of items which may not include things that the poor need the most such as diapers or cleaning supplies. c. A disadvantage of minimum wage laws is that they are expensive for state and local governments to fund. d. Effective minimum wage laws create a surplus of labor.
One way a government might protect monopoly rights is by:
A. heavily taxing alcohol and cigarettes. B. granting a patent. C. running unsubsidized state-owned enterprises that compete with private firms. D. All of these are ways the government protects monopoly rights.