Within the framework of economics, optimization means providing a good or service until:
a. total benefits and total costs are equal.
b. total benefits are maximized.
c. total benefits are greater than total costs.
d. marginal benefits exceed marginal costs by the greatest amount possible.
e. marginal benefits and marginal costs are equal
e. marginal benefits and marginal costs are equal
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When a U.S. company purchases $1 million worth of French cheese, the value of that transaction is recorded in the
A) current account. B) capital and financial account. C) transfer account. D) investment account. E) goods account.
The selling prices of goods and services in the open market is called the _______ value.
a. exchange b. sale c. money d. risk e. none of the above
Refer to Figure 15-17. An economics professor argues: "I think the course should be priced so as to achieve economic efficiency." How much profit (or loss) will the college make on the course if it charges this price?
A) -$2,592,000 B) -$1,080,000 C) $0 D) $450,000
Plurality voting ___________ the ideal voting-system criteria.
A. meets all B. fails one of C. fails two of D. fails all of