(Last Word) Theft and burglary:
A. can be viewed as attempts to maximize utility, given certain marginal costs and marginal
benefits.
B. are examples of irrational behavior.
C. are applications of the law of increasing opportunity cost.
D. are less economically rational than crimes of passion and violence.
Answer: A
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According to the Application, the cultural habits of the rich filtered down through English society. These habits included all of the following virtues EXCEPT
A) impulsive behavior. B) thrift. C) prudence. D) hard work.
What type of cost is not relevant to the process of research and development or invention in general?
a. fixed cost b. marginal cost c. variable cost d. social cost
The government finances the budget deficit by
a. borrowing from the public. b. borrowing solely from the Federal Reserve Bank. c. printing currency in the amount of the budget deficit. d. requiring that budget surpluses occur every other year to pay off the deficits.
Which of the following is a TRUE statement?
A. Opportunity costs turn external costs into social costs. B. Opportunity costs always exist with whoever has property rights. C. Voluntary agreements can always yield a situation in which all externalities are internalized. D. Any property right system will yield a situation in which all externalities are internalized.