Which of the following is an asset of a family?
A. Unpaid credit card balance
B. Mortgage
C. Checking account balance
D. Student loan
Answer: C
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If the marginal private cost of producing one kilowatt of power in California equals five cents and the marginal social cost of each kilowatt equals nine cents, then the marginal external cost equals ________ per kilowatt
A) five cents B) nine cents C) four cents D) fourteen cents
In autarky equilibrium,
A) production equals consumption. B) exports equal imports. C) there is no international trade. D) All of the above.
If a firm produces 8 units of output with average fixed cost=$40 and average variable cost=$25, what is its average cost?
a. $100 b. $20 c. $65 d. $32
The slope of the budget line
a. is always -1 b. represents the opportunity cost of consuming one more unit of the good measured on the horizontal axis c. increases as more of one good is consumed d. decreases as more of one good is consumed e. is negative because of the law of demand