In choosing between apartments in two different locations, the marginal commuting cost is given by:
A) the commuting cost from the apartment located closer to the destination.
B) the sum of the commuting cost from each apartment to the destination.
C) the commuting cost from the apartment located farther away from the destination.
D) the difference between the commuting cost from two different apartments to the destination.
D
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After a small hurricane in Florida, unemployment is low as there is a great deal of construction work and businesses run at full capacity. This suggests that
A) the economy is operating above the full-employment level and will eventually adjust back to long-run aggregate supply. B) living standards are falling as employment and economic activity are too high. C) the economy is operating below its long-run level and living standards are less than they would have been without the hurricane. D) the hurricane is beneficial since it is increasing employment and replacing less efficient capital with newer and more efficient capital.
For purposes of determining comparative advantage, the cost of producing a good in each of two countries is measured in terms of:
a. metric units only. b. opportunity costs. c. total costs. d. the currency of the importing country. e. the currency of the exporting country.