The ________ cost to society of producing an additional unit of a good or service is the marginal social cost.
A. private
B. damage
C. total
D. subsidized
Answer: C
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A socially-optimal price regulation will NOT work if:
A) marginal cost is less than average total cost. B) marginal cost is less than average fixed cost. C) marginal cost is greater than average total cost. D) marginal cost is greater than average fixed cost.
Which of the following is an example of an implicit cost that a firm might incur?
A) the revenue a firm generates in using its resources B) the rental value of the office space the company owns and uses for itself C) the out-of-pocket expense to hire resources D) taxes owed to the state and Federal governments
Economists have noted that businesses of a certain type tend to congregate geographically, attracting workers with skills in those fields. This, in turn, lures more firms seeking employees with those skills
Some examples include commercial banking, software development, and the automobile industry. What mechanism is at work here? Briefly explain how the mechanism works to the advantage of employers and employees.
Which of the following can be categorized under fiscal policy?
a. Increase in money supply b. Decrease in money supply c. Increase in federal funds rate d. Decrease in reserve requirement e. Increase in tax rates