Which of the following is true?
a. Changes in personal costs and benefits will exert a predictable impact on the choices of human decision makers.
b. Only direct monetary costs matter in making decisions.
c. If a good is provided free to an individual, its production will not consume valuable scarce resources.
d. Secondary effects are seldom of importance in economics.
A
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In the basic Keynesian model, a decrease in transfer payments:
A. increases potential output. B. reduces potential output. C. increases short-run equilibrium output. D. reduces short-run equilibrium output.
The effect throughout the entire economy of one individual's increase in spending will be
a. less than the individual's spending. b. equal to the individual's spending. c. greater than the individual's spending. d. offset by another individual's saving.
Building a good reputation in the marketplace:
A. is not a significant value to a seller. B. is easy to fake. C. can take a long time to establish. D. All of these statements are true.
When there is no ________ advantage, there is no benefit from trading.
Fill in the blank(s) with the appropriate word(s).