Marginal costs and marginal benefits
A) do not include sunk costs.
B) include sunk costs.
C) are really just fixed costs.
D) are not useful in decision making.
A
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Use the following diagrams for the U.S. economy to answer the next question.
If the economy is initially at full employment, which of the diagrams best portrays a recession resulting from a decrease in government purchases?
A. Graph (1) B. Graph (2) C. Graph (3) D. Graph (4)
Financial innovation has caused
A) banks to suffer declines in their cost advantages in acquiring funds, although it has not caused a decline in income advantages. B) banks to suffer a simultaneous decline of cost and income advantages. C) banks to suffer declines in their income advantages in acquiring funds, although it has not caused a decline in cost advantages. D) banks to achieve competitive advantages in both costs and income.
Define the following terms: a. human capital b. investment c. capital formation d. property rights
What will be an ideal response?
A firm's producer surplus equals its:
A. profit less its avoidable costs. B. revenue less its avoidable costs. C. profit less sunk costs. D. revenue less sunk costs.