A. average
B. expected
C. total
D. marginal

A. the cost incurred in the past before we make a decision about what to do in the future.
B. a cost that cannot be avoided. regardless of what is done in the future
C. that which we forgo, or give up, when we make a choice or a decision.
D. the additional benefit of buying an additional unit of a product

A. points outside the production possibility curve
B. either points inside or outside the production possibility curve.
C. points on the production possibility curve
D. points inside the production possibility curve.

A. income
B. income and wealth
C. wealth
D. wage and interest income

A. The richest 10 per cent of the population has had a bigger percentage increase in incomes over the past 10 years than the poorest 10 percent
B. Inflation is rising
C. The proportion of people’s income paid in taxes is higher under this government than under the previous one.
D. Inequality in the distribution of income is a more serious problem than unemployment

A. economical
B. unlimited
C. Efficient
D. Scarce