The additional cost resulting from a small increase in some activity is called the:
A. opportunity cost.
B. marginal benefit.
C. marginal cost.
D. diminishing returns of the activity.
Answer: C
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What are the three main kinds of unemployment?
A) frictional, seasonal, and cyclical B) structural, frictional, and cyclical C) cyclical, structural, and temporary D) temporary, permanent, and volunteer
The production possibilities curve (PPC) illustrates economic growth by a(n)
A) bowed-out shape of the PPC. B) outward shift of the PPC. C) inward shift of the PPC. D) movement along the PPC.
Governments may attempt to protect dairy farmers from low milk prices by:
A. reducing subsidies on the price of milk. B. increasing taxes on dairy farmers. C. setting a minimum price on milk. D. banning the hoarding of milk by households.
Keynes stated that the amount of savings is based on ________________________ and the demand for investment funds is based on the _________________.
Fill in the blank(s) with the appropriate word(s).