12) Trade between two countries
A. a. makes both countries better off.
B. b. can benefit one country but not both.
C. c. causes one country to gain and the other country to lose.
D. d. is a zero-sum game.
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13) To say that people make decisions at the margin means that they
A. a. wait until the last minute before making a decision.
B. b. weigh the additional costs and additional benefits of small changes.
C. c. make decisions that determine whether or not they will live their lives on the edge of subsistence.
D. d. make decisions on issues that are relatively unimportant for their economic well-being.
7) An increase in fixed cost will affect which of the following?
A. . Marginal cost.
B. . Average variable cost.
C. . Average total cost.
D. . Marginal revenue.
6) An economist’s definition of profit differs from that of an accountant because
A. . the economist is only interested in marginal cost and marginal revenue.
B. . the economist includes the opportunity cost of owner-supplied inputs in total cost.
C. . accountants cannot maximize.
D. . economists cannot add or subtract correctly.
5) Marginal cost equals
A. . total cost divided by total output.
B. . the change in total cost associated with an additional unit of output.
C. . the change in average cost.
D. . the slope of the average cost curve.
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