Marginal resource cost is
A. the increase in total resource cost associated with the production of one more unit of output.
B. total resource cost divided by the number of inputs employed.
C. the change in total revenue associated with the employment of one more unit of the resource.
D. the increase in total resource cost associated with the hire of one more unit of the resource.
Answer: D
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Which of the following statements is correct?
a. The human-capital theory of education could be called a productivity-enhancing theory. b. The human-capital theory of education could be called a productivity-revealing theory. c. The signaling theory of education could be called a productivity-enhancing theory. d. The signaling theory of education has been disproven by a number of prominent economists.
Economic profits and losses are TRUE market signals because they
A) convey information in an asymmetrical fashion. B) convey information about rewards people should anticipate experiencing by shifting resources from one activity to another. C) convey information to public officials about where to encourage people to invest and what skills people should develop. D) cause people to move into careers in both undesirable and desirable industries with equal ease.
The simultaneous imposition of a 3 cent sales tax and a 5 cent excise tax on the sale of a cup of coffee would have the same effect on coffee sales as:
a. a 2 cent subsidy. b. a 2 cent excise tax . c. a 3 cent excise tax . d. an 8 cent excise tax.
The difference between M1 and M2 is given by which of the following?
a. M1 is limited to checkable deposits, whereas M2 contains currency. b. M1 is made up of currency and checkable deposits, whereas M2 contains M1 plus savings deposits and small time deposits. c. M1 includes only currency, whereas M2 contains M1 plus checkable deposits. d. M1 includes currency, coins, gold and silver, whereas M2 does not contain gold and silver.