If the marginal rent cost of moving from Apartment 1 to Apartment 2 is -$60 and marginal commuting cost of moving from Apartment 1 to Apartment 2 is $40:
A) moving from Apartment 1 to 2 will cost the renter $60 more in rent and $40 more in commuting.
B) moving from Apartment 1 to 2 will save the renter $60 more in rent and $40 more in commuting.
C) moving from Apartment 1 to 2 will save the renter $60 in rent but cost $40 more in commuting.
D) moving from Apartment 1 to 2 will cost the renter $60 more in rent but save $40 in commuting.
C
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The principle of specialization and exchange implies that
a. total production is highest when individuals specialize according to their absolute advantages b. productive inefficiency increases as producers in society specialize c. exchange can only occur when there is specialization in the economy d. gains from specialization will only occur when society is operating at a point along its production possibilities frontier e. total production is highest when individuals specialize according to their comparative advantages
The burden of a luxury tax falls
a. more on the rich than on the middle class. b. more on the poor than on the rich. c. more on the middle class than on the rich. d. equally on the rich, the middle class, and the poor.
A _____ is a certificate of indebtedness and a _____ is a claim to partial ownership in a firm
Fill in the blank(s) with correct word
Suppose that you charted the rate of unemployment on the same graph. How would you expect the graph of unemployment to look in comparison?
a. It would be similar but shifted slightly to the right.
b. It would be inverted but shifted slightly to the right.
c. It would be similar but shifted slightly to the left.
d. It would be inverted but shifted slightly to the left.