During the Great Depression in the 1930s, the average tariff level in the United States peaked at about
A) zero.
B) 6 percent.
C) 20 percent.
D) 100 percent.
C
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The aggregate production function of an economy shifts upward when ________ produce a higher output
A) the same amount of capital and labor B) the same amount of capital and a higher amount of labor C) a higher amount of capital and labor D) the same amount of labor and a higher amount of capital
Paper currency that has been declared legal tender but is not convertible into coins or precious metals is called ________ money
A) commodity B) fiat C) electronic D) funny
Quarts of orange juice at a local grocery store are priced at one for $3.00, or two for $5.00 . The marginal cost of buying a second quart of orange juice:
a. equals $2.00. b. equals $2.50. c. equals $3.00. d. equals $5.00.
The cost associated with foregoing the opportunity to employ a resource in its best alternative use is called:
A. an avoidable cost. B. a sunk cost. C. an opportunity cost. D. the user cost of capital.