When Keisha receives a flu vaccination, the additional benefit enjoyed by Keisha's friends is the
A) marginal private benefit.
B) marginal external benefit.
C) marginal social benefit.
D) private benefit.
E) marginal private cost.
B
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The short-run aggregate supply curve is upsloping because higher price levels:
A. lower interest rates and encourage firms to invest and produce more. B. create incentives to expand output when resource prices are unresponsive to price-level changes. C. encourage importation of foreign goods. D. create an expectation among producers of still higher price levels.
The economic cost of unemployment is the loss of potential output which can never be realized
a. True b. False Indicate whether the statement is true or false
Economics is the study of
A. how government officials decide which goods and services are produced. B. the role of money in markets. C. how to invest in the stock market. D. how society uses limited resources.
Suppose that each worker must use only one shovel to dig a trench, and shovels are useless by themselves. In the long run, the firm's cost function is
A) TC = (w/r) ? q. B) TC = (w + r)/q. C) TC = (w + r). D) TC = (w + r) ? q.