A company could produce 100 units of a good for $320 or produce 101 units of the same good for $324. The $4 difference in costs is
A) the marginal benefit of producing the 101st unit.
B) the marginal cost of producing the 101st unit.
C) both the marginal benefit and the marginal cost of producing the 101st unit.
D) neither the marginal benefit nor the marginal cost of producing the 101st unit.
B
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In which of the following countries does health insurance not pay for most preventive care procedures?
A) Canada B) Japan C) the United Kingdom D) the United States
In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the
equilibrium quantity (Q) of X. Refer to the given information. Consumer expectations that the price of X will rise sharply in the future will: A. increase S, increase P, and increase Q. B. increase D, increase P, and increase Q. C. decrease S, increase P, and increase Q. D. increase D, decrease P, and increase Q.
Owners of proprietorships
A. must pay the corporate profits tax. B. are not subject to paying any taxes on their firms' income. C. must pay the corporate profits tax as well as report their firms' income directly on their individual income tax returns. D. report their firms' income directly on their individual income tax returns.
As aggregate demand shifts right along the aggregate supply curve,
a. inflation and unemployment are higher. b. inflation is higher and unemployment is lower. c. unemployment is higher and inflation is lower. d. unemployment and inflation are lower.