Cost-benefit analysis is a tool that is used
A) only by businesses.
B) only by individuals and businesses.
C) only by governments.
D) by individuals, businesses, and governments.
D
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All economic models must involve simplifications because
a. economists would be unable to command high salaries if their models were so simple that anyone could understand them b. human behavior is very erratic and unpredictable c. reality is too complex to understand in its entirety, so we must reduce it to a level that we can understand d. they always try to duplicate all possible information and cover all possible variables that might influence decision making e. we must rely on value judgments and ignore reality
The aggregate supply curve is:
A. the relationship between the overall price level and total production by firms. B. downward-sloping. C. the sum total of the production of all the firms in the economy for every given demand level. D. the sum total of the production of all the firms in the economy for every level of profit.
Which of the following is not included in employee compensation?
A. Interest payments from businesses to households B. Social security taxes paid to the government by employers C. Salaries D. Fringe benefits
An import quota specifies
A. the amount of taxes that must be paid on any imported good. B. the amount of funds that can be paid for any imported good. C. the maximum amount of an item that may be imported during a specified period. D. the minimum amount of an item that may be imported during a specified period.