Which of the following term refers to the share of an activity’s marginal cost that is paid for by the persons who carry out the activity?
A. Beneficial cost
B. Incidental cost
C. Marginal private cost
D. Marginal social cost
Answer: C
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When a tariff supporter argues that foreign producers are selling their products for prices below the costs of production, which of the following is being used?
A) Save domestic jobs argument B) National security argument C) Dumping argument D) Infant-industry argument E) Diversity and stability argument
If business losses are the result of uncertainty in the real world, then
A) business profits are too. B) profits must equal losses in the short run. C) profits must equal losses in the long run. D) losses could be eliminated if we could eliminate uncertainty in the real world, but profits will still remain.
Which one of the following is part of the M2 definition of the money supply, but not part of M1?
a. Checkable deposits. b. Currency held in banks. c. Currency in circulation. d. Small time deposits of less than $100,000.
The one word in the definition of economics that focuses on the fact that it is impossible to provide all of the goods and services that everyone wants is
A. allocation. B. scarcity. C. study. D. resources.