Marginal costs reflect changes in variable costs.
Answer the following statement true (T) or false (F)
True
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Beer and wine were difficult to find during the prohibition on alcohol, but whisky and gin were plentiful. Why?
A) Beer and wine were illegal; whisky and gin weren't. B) The drinking public only wanted whisky and gin. C) Criminals found it much more efficient to produce liquor. D) Police were willing to overlook production and consumption of whisky and gin because they believed liquor was less dangerous than beer and wine. E) Government officials were interested in seeing what would happen to rate of alcohol poisoning in the United States.
Which of the following would not shift the demand curve for pork?
a. an increase in the price of beef b. an increase in the price of pork c. an increase in the incomes of pork consumers d. a widespread advertising campaign for pork e. a finding that consumption of beef increases the risk of heart attack
What will be the outcome of a government law requiring employers with more than 100 employees to incur additional employee-related costs?
a. raise the cyclical rate of unemployment b. lower the cyclical rate of unemployment c. raise the natural rate of unemployment d. lower the natural rate of unemployment
The opportunity cost of holding money is measured by the _____
What will be an ideal response?