The addition to total costs associated with the production of one more unit of output is referred to as
A. marginal cost.
B. average cost.
C. opportunity cost.
D. overhead cost.
Answer: A
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When the government's expenditures exceed its tax revenues, the budget
A) has a deficit and the national debt is increasing. B) has a surplus and the national debt is increasing. C) is balanced and the national debt is increasing. D) has a deficit and the national debt is decreasing. E) None of the above because by law the government's expenditures cannot exceed its tax revenue.
?Economic actors in a competitive world think strategically in order to maintain profit.
Answer the following statement true (T) or false (F)
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
The table in the above figure shows the levels of output resulting from different levels of inputs. Which of the following conclusions can be drawn from this information?
A) Increasing returns to scale exist between 100 and 200 units of output. B) Constant returns to scale exist throughout all levels of production. C) Labor is subject to diminishing marginal productivity in the short run. D) No firm conclusions can be drawn.