Moving ________ along the marginal cost curve, the ________
A) upward; opportunity cost of one more unit increases
B) upward; marginal cost decreases
C) downward; marginal cost increases
D) upward; opportunity cost of one more unit does not change
E) downward; opportunity cost of one more unit does not change
A
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Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year. Christine's opportunity cost of working as a consultant last year was ________.
A. $15,000 B. $51,000 C. $36,000 D. $40,000
Real wages increased in industrialized countries in the twentieth century because the demand for labor:
A. increased more slowly than the supply of labor increased. B. decreased, while the supply of labor increased. C. increased more rapidly than the supply of labor increased. D. increased, while the supply of labor decreased.
Which of the following is true?
i. The advanced economies account for more than half of global production. ii. Almost four out of every five people in the world live in the developing economies. iii. In the advanced economies, agriculture accounts for a larger part of total production than in the developing economies. A) Only i and ii B) Only ii and iii C) Only i and iii D) Only i E) i, ii, and iii
What is NAFTA?
What will be an ideal response?