The additional benefit of increasing some activity by one unit is called the
A) marginal benefit.
B) opportunity cost.
C) total benefit.
D) scarcity.
E) unit cost/benefit.
A
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On the diagram above, show the quantity of consumption per worker in equilibrium
If the actual capital per worker were greater than k*, would consumption be higher or lower than it is in equilibrium? Describe what would happen in an economy with such a high level of capital per worker.
Your bank account pays 3% interest per year. You loan a friend $100 for one year at zero interest. Assuming the loan is paid on time the opportunity cost of the loan is
A. $0. B. $103. C. $3. D. $100.
Given the MPS = 0.40, with no government and no foreign trade, a $10 billion increase in investment will eventually result in an increase in
A. Total spending by $25 billion. B. Consumption by $40 billion. C. Total spending by $2.5 billion. D. Total spending by $15 billion.
Which of the following explains the relatively high growth rate of output in China since 1980?
A) accumulation of capital B) technological progress C) a transition from central planning to a market economy D) all of the above