The reason that the supply curve is upward sloping is
A. diminishing marginal costs.
B. increasing average costs.
C. diminishing average costs.
D. increasing marginal costs.
Answer: D
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Which of the following would be an external cost to the consumption of cigarettes?
a. Price of a pack of cigarettes. b. Loss of income resulting from extra missed days of work. c. Higher life insurance premiums due the practice of smoking. d. The loss in utility received because the smoker must stand outside her office building in the winter to smoke. e. Increased risk of cancer to the nonsmoking passengers in the smoker's carpool.
The money that households might hold either as money or in interest-bearing assets, depending on the interest rate, is called the:
a. precautionary demand. b. transactions demand. c. speculative demand. d. liquidity motive. e. investment motive.
The target rate of unemployment is:
A. always equal to the actual unemployment rate. B. changing but easy to estimate. C. constant. D. difficult to determine.