Chapter 1 Q&A - 1 You have decided that you want to...

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 1)  1
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You have  decided  that you  want to attend a halloween party as Sponge Bob. You estimate that it will cost $40 to assemble your  costume. After spending $40 on the costume, you realize that the additional pieces you need will cost  you $10 more. The marginal cost of completing the costume is:  A)  2
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$10.  B) 
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$30.  C) 
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$40.  D) 
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$50. Answer:   A 2) 
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An efficient market is a market:  A) 
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that deals in  unlimited resources.  B) 
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in which long - term profits are guaranteed.  C) 
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in which profit  opportunities are eliminated almost instantaneously.  D) 
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there are no  opportunity  costs.  Answer: C 3) 
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Which of the following is an example of a normative question?  A) 
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How will an  increase in the price of gasoline affect taxi drivers?  B) 
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What fraction  of an income - tax cut will be spent on consumer goods?  C) 
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Should the  government provide free prescription drugs to senior citizens?  D) 
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How will an  increase in the minimum wage affect teenaged workers?  4) 
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