To find the social cost of an action, add together
A) the external and accounting costs.
B) the private costs and the internal costs.
C) the external costs and the internal costs.
D) the internal costs and the private opportunity costs.
Answer: C
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In the table above, Jack's opportunity cost for 1 pound of food is ________ and his opportunity cost for 1 pound of clothing is ________
A) 1 pound of clothing; 4 pounds of food B) 1/2 of a pound of clothing; 2 pounds of food C) 1/3 of a pound of clothing; 3 pounds of food D) 2 pounds of clothing; 2 pounds of food E) 1 pound of food; 1 pound of clothing
What is the future value of $1,000 in three years if the rate of discount is equal to 5 percent?
A) $1,150.00 B) $1,005.00 C) $1,157.63 D) $863.84
Senator Smith proposes that the income tax structure be revised to have two tax rates. The first, 16 percent, applies to persons whose income is between $0 and $40,000 a year. The second, 23 percent, applies to persons whose income is more than $40,000 a year. This is a
A) regressive income tax structure. B) proportional income tax structure. C) progressive income tax structure. D) cyclical income tax structure.
A workers who is always honest with their cash drawer must be a good mother as well because she is "honest" and "honest" people raise good children. This thought process describes
a. discrimination b. trait management c. the halo effect d. laissez-faire