The change in total cost from producing another unit of output equals the
A) average total cost.
B) variable cost.
C) average variable cost.
D) marginal cost.
D
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By definition, an inferior good is a
A) want that is not expressed by demand. B) normal substitute good. C) good for which demand decreases when its price rises. D) good for which demand decreases when income increases.
If the GDP deflator is less than 100, then for that year nominal GDP ________ real GDP
A) equals B) is less than C) is greater than D) may be greater than or less than
When Jeneva went to Costa Rica in July 2008, a U.S. dollar was worth 550 colones. If today a U.S. dollar is worth 650 colones, it means that the U.S. dollar has depreciated against the colone
Indicate whether the statement is true or false
If K-12 education is determined to be an inframarginal positive externality, this means that K-12 education is being underproduced
a. True b. False