Answer the next question on the basis of the following data.OutputTotal Cost0$24133241348454561669The marginal cost associated with the production of the third unit of output is
A. $7.
B. $12.
C. $8.
D. $6.
Answer: A
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The unemployment rate is the number of
A) people looking for work divided by the population. B) jobless individuals divided by the total labor force. C) jobless people looking for work divided by the population. D) jobless individuals looking for work divided by those employed and unemployed but actively looking.
The upward slope of the supply curve reflects the:
A. principle of specialization in production. B. law of supply. C. fact that price and quantity supplied are inversely related. D. law of diminishing marginal utility.
Economists see the greenhouse effect as
A. having only negative economic consequences. B. having both negative and positive economic impacts. C. having only positive economic consequences. D. having no economic consequences.
Distorting taxes always create excess burdens.
Answer the following statement true (T) or false (F)