When economic choice involves an adjustment to an existing situation, marginal analysis
a. has no practical applications or real-world uses
b. eliminates incorrect decisions and bad choices
c. involves comparing the additional costs and additional benefits of an activity before deciding
d. involves examining only the total costs and total benefits of an activity before deciding
e. none of the above
C
You might also like to view...
After paying admission and entering King's Island Amusement Park near Cincinnati, Alan Fujiwara sees a list of waiting times for each attraction and ride. At this point, Alan's marginal dollar cost is
a. zero and so are the marginal time costs of each attraction or ride b. zero, so he will base his next move on the marginal time costs of each attraction or ride c. greater than zero based on the admission price, so he will base his next move on the marginal time costs of each attraction or ride d. greater than zero based on the admission price, so he will ignore the marginal time costs of each attraction or ride e. less than zero and so are the marginal time costs of each attraction or ride
Economists believe that only a small part of human behavior can be explained and predicted by assuming that most people act as if they are motivated by their own self-interest in an effort to increase their expected personal satisfaction
a. True b. False Indicate whether the statement is true or false
Which of the following is the term used to describe a country that has demonstrated the ability to catch up to the technology leaders by investing in both physical and human capital?
a. A dependent economy. b. A converging economy. c. An advancing economy. d. A diverging economy.
Unemployment insurance:
A. has a set minimum in the US. B. is typically 32 weeks in the US, except for times of unusually high unemployment. C. varies widely across countries. D. All of these are true.