The _______________is the extra cost incurred when a business produces one additional unit of a resource.
Fill in the blank(s) with the appropriate word(s).
Ans: marginal cost
Economics
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If nominal GDP equals $10 trillion and the velocity of circulation is 5, then
A) real GDP is $2 trillion. B) the quantity of money is $50 trillion. C) the quantity of money is $2 trillion. D) the real value of the quantity of money is $10 trillion.
Economics
In 2006, before the start of the recession, the employment—population ratio was 63.4 percent. In August 2015, more than six years after the end of the recession, the ratio
A) was still only 59.4 percent. B) was back to its 2006 level. C) had increased to 72.3 percent. D) was still 50 percent lower than the ratio in 2006.
Economics