The change in a firm's total cost from producing one more unit of a good or service is the firm's
A) average cost of production. B) explicit cost of production.
C) marginal cost of production. D) implicit cost of production.
C
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Suppose you want to get to Orlando, Florida, for the week-long spring break. You can get there in two and one-half days by bus, and back in another two and one-half days. This will cost you $20 round-trip. You can fly there and back in four hours each way. This will cost $200 . Which of the following is not true?
a. It may be economically rational for you to go by plane rather than by bus. b. Depending on what else you can do that week, it may be economically rational for you to not go at all rather than to go by bus. c. The true cost of going to Orlando is either the time or the money you spend traveling, whichever it is you value more. d. The more you'd enjoy Orlando, the more economically rational it becomes for you to fly there instead of taking the bus. e. It is possible that it is rational for you to fly and rational for others to take the bus.
A disadvantage of having an annually balanced budget is that government spending would have to: a. allow the national debt to burgeon with chronic deficits
b. decline during a recession to offset the increase in tax revenues. c. rise during a recession to match the increase in tax revenues. d. rise during an expansion to offset the decline in tax revenues. e. decline in a recession to match the decrease in tax revenues.
Judging from the production possibilities curve, how many units of housing can be gained by dropping production of food from 80 to 60 units?
A. 0
b. 4
c. 7
d. 9
Which of the following correctly describes the calculation of the unemployment rate?
A. Unemployment rate = employed ÷ unemployed × 100 B. Unemployment rate = unemployed ÷ civilian labor force × 100 C. Unemployment rate = unemployed ÷ employed × 100 D. Unemployment rate = unemployed ÷ adult population × 100