Economists use the term "marginal" to describe costs and benefits
a. that are minimal and hardly worth noting.
b. that are incremental and thus relevant to decision making.
c. that are noteworthy but not the most important.
d. whose importance can be minimized through hard work.
e. none of the above.
B
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Refer to Table 2-30. This table shows the number of labor hours required to produce a wristwatch and a bushel of rice in Japan and Thailand
a. Which country has an absolute advantage in the production of wristwatches? b. Which country has an absolute advantage in the production of rice? c. What is Japan's opportunity cost of producing one wristwatch? d. What is Thailand's opportunity cost of producing one wristwatch? e. What is Japan's opportunity cost of producing one bushel of rice? f. What is Thailand's opportunity cost of producing one bushel of rice? g. If each country specializes in the production of the product in which it has a comparative advantage, who should produce wristwatches? h. If each country specializes in the production of the product in which it has a comparative advantage, who should produce rice?
Price elasticity of demand refers to the ratio of the:
a. percentage change in price of a good in response to a percentage change in quantity demanded. b. percentage change in price of a good to a percentage increase in income. c. percentage change in the quantity demanded of a good to a percentage change in its price. d. none of these.
Which one of the following statements is the most accurate?
A. Appreciation is a fall in E when the exchange rate is fixed while revaluation is a fall in E when the exchange rate is flexible. B. Appreciation is a fall in E when the exchange rate floats while revaluation is a fall in E when the exchange rate is fixed. C. Appreciation is a rise in E when the exchange rate floats while revaluation is a fall in E when the exchange rate is fixed. D. Appreciation is a fall in E when the exchange rate floats while revaluation is a rise in E when the exchange rate is fixed.
If the CPI changes from 125 to 120 between 2017 and 2018, how did prices change between 2017 and 2018?
A) Prices increased by 5%. B) Prices decreased by 5% C) Prices increased by 25%. D) Prices decreased by 4%.