A feature that distinguishes economists' approach to making choices is (are):
A) assigning opportunity costs a major role in their analyses of choices.
B) assuming individuals make choices to maximize objectives.
C) emphasizing that choices are made at the margin.
D) all of the above.
Answer: D) all of the above.
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There has been a downward trend in the United States since 1980 in the ambient concentrations of
a. sulfur dioxide. b. carbon monoxide. c. lead. d. all of the above.
The money supply in Econland is 1,000, and currency held by the public equals bank reserves. The desired reserve-deposit ratio is 0.25. Bank reserves equal ________.
A. 800 B. 500 C. 200 D. 250
A breakdown in price leadership leading to successive rounds of price cuts is known as:
A. limit pricing. B. a price war. C. informal pricing. D. price discrimination.
Suppose that McDonald's successfully implements self-serve kiosks in their restaurants, which allows the company to reduce the number of employees at each location. All else equal, this technological improvement would
A) shift the supply curve for its products to the right. B) shift the supply curve for its products to the left. C) shift the demand curve for its products to the right. D) shift the demand curve for its products to the left.