By adding internal costs to external costs, we determine the total
A) private cost.
B) social cost.
C) psychological cost.
D) marginal cost.
B
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The figure above shows Tanya's consumption possibilities. Tanya spends $100 per month on movies and restaurant meals. The price of a movie ticket is ________ and the price of a restaurant meal is ________
A) $7; $15 B) $10; $10 C) $20; $5 D) $5; $20
Over its history, Brazil has borrowed more from the rest of the world than it has loaned to the rest of the world. Brazil
A) eventually will have a balance of payments account that does not balance. B) is a debtor nation. C) is a creditor nation. D) has no current account balance.
Firms often seek to borrow money to expand their capital stock, and the price they pay for that money is the interest rate. What happens to the supply of money (to lend) if the interest rate increases?
A. It increases. B. It decreases. C. It does not change. D. It depends entirely on the interest rate.
Price is important in a market economy because it
a. eliminates imbalances between supply and demand. b. serves as the rationing mechanism for the limited supplies of goods and services. c. coordinates the choices of consumers and producers and brings them into harmony. d. is all of the above.