In economic decision making, what is a net benefit?
a. the fair-market value of both the money costs and the non-money costs
b. the financial value gained from comparative advantages and absolute advantages
c. the projected difference between marginal thinking and opportunity costs
d. the difference between expected marginal benefits and expected marginal costs
d. the difference between expected marginal benefits and expected marginal costs
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Which of the following market structures have market power?
A) oligopoly B) monopolistic competition C) perfect competition D) Both A and B.
An excess benefit from corrective taxation arises because the tax revenues can be spent on compensation
a. True b. False
The exchange efficiency condition holds:
A. if every pair of individuals has inverse marginal rates of substitution for every pair of goods. B. if every pair of individuals shares the same marginal rate of substitution for every pair of goods. C. if every pair of individuals consumes the same quantities of every pair of goods. D. if every pair of individuals have the same level of utility.
Most economic historians believe that:
A. the gold standard didn't play a major role in the Great Depression. B. countries that held on to the gold standard recovered from the Great Depression the quickest. C. the gold flows played a central role in spreading the Great Depression. D. if more countries would have been on the gold standard the Great Depression would have been averted.