Question 6 2 pts Marginal cost is the cost is that a business pays to produce the last unit of output. 0 True 0 False Question 7 2 pts Opportunity cost is when you make a decision. 0 cost of materials 0 cost of employees 0 that what you give up in the best alternative choice Question 10 2 pts When a company has more debt than equity, economists say that it is O underwater. O bankrupt. O leveraged. insolvent. Question 11 2 pts The intent of The Wealth of Nations by Adam Smith was to put forth a logical and comprehensive argument furthering the idea that a free market provides an orderly and efficient economic system. 0 True 0 False _1- Question 4 2 pts Which of the following is an example of rent seeking? O Agang demands protection money from a business owner. 0 A union demands higher wages without offering any increase in workers productivity. 0 Firms lobby Congress for preferential treatment at the expense of taxpayers. C) All of the above. _i= Question 5 2 pts Buying stock on the margin is a way to use leverage. 0 True 0 False Question 8 2 pts When a good or service Faces an elastic demand curve, a change in price will have a small effect on the quantity demanded. 0 True O False Question 9 2 pts Let's suppose you double your stock purchase when you buy stock on the margin. You can make more money because 0 when the price of the stock increases, you own twice as many shares. 0 of the discount you receive at the time of purchase. 0 you become the sole owner of the stock. Q stock brokers offer big discounts to people who buy stock on the margin. Question 2 2 pts Rent seeking occurs when a company uses its resources to obtain an economic gain for itself, but not for society. 0 True 0 False Question 3 2 pts Persons engage in rent seeking when they buy land, buiid apartments, and charge tenants rent. 0 True O False