For better or worse, people have virtually ____________ wants.
a. supply-driven
b. unlimited
c. limited
b. unlimited
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A cost-benefit calculation that focuses on the difference between a feasible alternative and the next feasible alternative is called:
A) marginal analysis. B) market analysis. C) Pareto analysis. D) behavioral analysis.
The opportunity cost of an activity is best measured
a. only by the monetary costs b. by the number of alternative activities that were forgone c. by the cost difference between the chosen activity and the next best alternative d. by the value expected from the best alternative that is forgone e. as the time wasted choosing among various activities
Vertical equity refers to the notion that individuals at all levels should be taxed equally
a. True b. False Indicate whether the statement is true or false
Western European workers get about ____ weeks vacation time; American workers get about ____ weeks vacation time.
Fill in the blank(s) with the appropriate word(s).