Marginal factor cost is
A. the change in total costs due to a one-unit increase in the variable input.
B. the marginal cost of changing the rate of production in the long run.
C. the change in the price of an input when an additional unit of the input is hired.
D. the change in total costs due to a one-unit change in the quantity of the good produced.
Answer: A
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A) raising taxes on the rich B) increasing Medicare, Medicaid, and Social Security payments C) loosening immigration policies D) allowing more oil drilling on Federal lands
Checks received by the firm and deposited but not yet cleared represent
a. payment float b. availability float c. net float d. cash in hand e. none of these
Assume the real U.S. GDP in 1998 was $7,552 billion and the U.S. population was 270 million, and the real U.S. GDP in 2000 was $10 trillion and the U.S. population was 280 million. From 1998 to 2000, the per capita real GDP
A. Decreased. B. Remained unchanged. C. Increased then decreased. D. Increased.
An externality is a situation in which
A. there are no social costs. B. private costs diverge from social costs. C. internal costs diverge from private costs. D. the cost borne by the consumer is greater than the monetary price.