If Dalene's marginal benefit from consuming another cookie is greater than the price of the cookie, then
a. Dalene will not purchase any more cookies
b. the opportunity cost of the cookie is lower than the price
c. Dalene's utility will decrease if she purchases the cookie
d. Dalene will increase her total satisfaction by purchasing the additional cookie
e. she has purchased too many cookies
D
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Today's industrialized economies
a. have always specialized in capital intensive production b. have always specialized in heavy industry c. began their industrialization in labor intensive production d. began their industrialization in heavy industry then moved into light industry e. none of the above
If society is experiencing a net social cost from the production of a good, this implies that
A. the socially optimal level of output is being produced and society is willing to accept the costs that result. B. producers would rather produce the output at which marginal social cost equals the demand for the good. C. negative externalities are involved in the production of this good. D. none of the above
The value by which the nominal GDP of an economy exceeds its real GDP in percentage terms is equal to the: a. rate of inflation in the economy. b. rate of deflation in the economy. c. GDP deflator of the economy
d. GDP inflator of the economy.
The official U.S. poverty standard was set in 1963 at $3,000 per year for a family of four.
Answer the following statement true (T) or false (F)