The economic way of thinking includes:
A) more attention paid to benefits rather than the costs involved in any choice.
B) the assumption that individuals choose to average out some objective.
C) emphasis on how choices are made at the margin.
D) the notion that the industrialized nations have solved the problem of scarcity.
Answer: C) emphasis on how choices are made at the margin.
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What crucial role do financial intermediaries perform in an economy?
What will be an ideal response?
Compared with a perfectly competitive firm facing the same costs, long-run equilibrium for a monopolistically competitive firm will result in
A. a higher price and less output. B. a lower price and less output. C. a higher price and greater output. D. a lower price and greater output.
A theory of taxation that states that citizens should bear tax burdens in line with their ability to pay taxes is the
A. benefits-received principle. B. equal payment principle. C. ability-to-pay principle. D. equity principle.
If costs rise more quickly than quality, then firm value will:
A. be maximized after total quality is achieved. B. be maximized before total quality is achieved. C. be minimized before total quality is achieved. D. always decline.