The absolute price of a good in dollar terms is the good's:
A. market price
B. nominal price
C. equilibrium price
D. marginal price
Answer: B
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By donating $1,000 to the Salvation Army, Caroline reduces her taxable income. To Caroline, the reduction in her taxable income is
A) an incentive. B) an opportunity cost. C) the margin. D) a marginal benefit. E) a marginal cost.
In a congressional debate about agricultural price supports, senators, members of congress, and other experts made the following four statements. Which of these is a normative statement?
a. "Price supports are important because America should preserve the small family farm." b. "Without price supports, the price of wheat and corn will fall by over twenty percent." c. "The decline in commodity prices caused by the removal of price supports will result in fewer, larger farms." d. "The decline in commodity prices caused by the removal of price supports will reduce the number of tractors sold in the United States."
Straker Industries estimated its short-run costs using a U-shaped average variable cost function of the formAVC = a + bQ + cQ2and obtained the following results. Total fixed cost (TFC) at Straker Industries is $1,000. 
If Straker Industries produces 12 units of output, what is estimated total cost (TC)?
A. $4,428 B. $2,348 C. $1,000 D. $1,463
All of the following are criticisms of the Lorenz curve EXCEPT
A. The Lorenz curve does not account for age differences. B. The Lorenz curve does not account for differences in education levels. C. The Lorenz curve does not include in-kind transfers. D. The Lorenz curve does not account for differences in the sizes of families.