From an economic perspective, a student's decision to go to the movies instead of studying for a test indicates that in the student's thinking the marginal
A. benefit of studying is greater than the marginal benefit of going to the movies.
B. cost of going to the movies is less than the marginal benefit of going to the movies.
C. benefit of studying is greater than the marginal cost of studying.
D. cost of going to the movies is greater than the marginal cost of studying.
Answer: B
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Which of the following statements is true?
a. The United States today comes closer to the socialist form of economic organization than it does capitalism. b. When central planners set prices above equilibrium for goods and services they create shortages. c. According to Karl Marx, under capitalism, workers would be exploited and would revolt against the owners of capital. d. Adam Smith argued that government's role in society would be to do absolutely nothing.
Consumption or household spending of an economy comprises of both consumer spending and business spending
a. True b. False Indicate whether the statement is true or false
An increase in the rate of inflation in the U.S. will increase the supply of dollars and decrease other countries' demand for dollars
Indicate whether the statement is true or false
A regressive tax is one in which the average tax rate falls as income rises
a. True b. False Indicate whether the statement is true or false