You've purchased a car for $20,000 and now are deciding whether to have a sunroof installed for $800 and a security system installed for $200. The marginal cost of adding both the sunroof and the security system is:
A. $800.
B. $1,000.
C. $20,000.
D. $21,200.
Answer: B
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Holding money as a medium of exchange to make payments is
A) the capital demand for money. B) the transactions demand for money. C) the precautionary demand for money. D) the asset demand for money.
Which of the following would show the LEAST amount of inequality?
A) Measured annual income. B) Measured annual wealth. C) Lifetime income. D) Measured annual income and annual wealth are equally distributed and are more equally distributed than lifetime wealth.
The cycle of ________ market demand that leads to ________, and then an increase in the market supply curve has caused many firms bankruptcy.
A) decreased; overexpansion B) decreased; increased firm level production C) increased; overexpansion D) increased; underexpansion
An agricultural economist reports that corn prices are very high this year and that corn growers are earning substantial profits. He concludes that government action is needed to direct more farmers to grow corn. Is such action necessary? Why or why not?