Marginal cost tells us the
a. value of all resources used in a production process.
b. marginal increment to profitability when price is constant.
c. amount by which total cost rises when output is increased by one unit.
d. amount by which output rises when labor is increased by one unit.
c
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A major problem with the implementation of an annually balanced budget is that it: a. allows the national debt to burgeon with chronic deficits
b. relies upon government officials to budget for surpluses during economic booms in order to cover deficits during recessions. c. requires annual revenues to match with outlays even during times of war, when there is a sudden increase in military expenditures. d. magnifies the fluctuations in the business cycle. e. dampens swings in the business cycle.
Interest is the:
A. price paid for the use of money. B. opportunity cost of time. C. expectation of a future return on investment. D. reward for consuming rather than saving.