Instead of studying for an additional two hours for the economics final, Leann decides to watch a movie. Leann is making
A) a rational decision if her marginal cost from the movie is greater than her marginal benefit.
B) an irrational decision because studying is more important than watching a movie.
C) a decision that is not on the margin because she will see the entire movie.
D) a decision that does not involve an opportunity cost.
E) a rational decision if her marginal benefit from the movie is greater than her marginal cost.
E
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Banks create money by
A) printing currency. B) asking the Fed to print more currency. C) lending to the Fed. D) making loans. E) buying government securities.
Many car owners and car dealers describe their different cars for sale in the local newspapers and list their asking price. Many people shopping for a used car consider the different choices listed in the paper
The market for used cars could be described as A) relatively competitive. B) perfectly competitive. C) non-competitive. D) having high transaction costs.
In general, as individuals undertake additional years of schooling,
A) their stock of human capital increases. B) the marginal productivity of individuals as workers declines. C) the marginal benefit to society of the extra years of education increases. D) the marginal productivity of individuals as workers becomes negative.
What is the Economic Freedom of the World index designed to measure? What will determine whether the rating of a country will be high or low on this index?