An economic principle that explains why people pursue different occupations is
A) NAFTA. B) international trade.
C) absolute advantage. D) comparative advantage.
D
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Marginal social cost is the
A) price a consumer pays for one more unit of a good. B) cost a producer incurs producing one more unit of a good. C) cost of producing one more unit of a good that falls on someone other than the producer. D) sum of the cost a producer incurs from producing one more unit of a good plus the cost of producing one more unit of a good that falls on someone other than the producer. E) same as marginal cost only if there is an external cost when the good is produced.
Ceteris paribus, if a 4% increase in price leads to a 6% increase in the quantity supplied, then: a. supply is elastic
b. supply is unit elastic. c. supply is inelastic. d. the supply curve is perfectly vertical.
Credit card balances are: a. included in both M1 and M2
b. included in M1 but not M2. c. included in M2 but not M1. d. not included in either M1 or M2.
If a bond's rating improves, we would expect:
A. the demand for and the yield of this bond to increase, all other factors constant. B. both the demand for and the price of the bond to decrease, all other factors constant. C. the demand for this bond to increase, all other factors constant. D. the demand for this bond to decrease, and its yield to increase, all other factors constant.