Recall the Application about the best speed at which to sail an ocean cargo ship to answer the following question(s).Weighing the benefits and costs of the different speeds at which to sail an ocean cargo ship addresses the economic concept known as:
A. the principle of opportunity cost.
B. the marginal principle.
C. the principle of voluntary exchange.
D. the principle of diminishing returns.
Answer: B
You might also like to view...
Suppose a certain good conveys either an external cost or an external benefit. If the private cost of the last unit of the good that was produced is equal to the private value of that unit, then the sum of producer and consumer surplus is maximized
a. True b. False Indicate whether the statement is true or false
Which of the following would likely have the smallest deadweight loss relative to the tax revenue?
a. a head tax (that is, a tax everyone must pay regardless of what one does or buys) b. an income tax c. a tax on compact discs d. a tax on caviar
Recall the Application about the effects of increasing state level Earned Income Tax Credit (EITC) on child health in the United States to answer the following question(s).Recall the Application. According to the study cited in the Application, a $100 increase in the value of the state EITC causes a decrease in the probability that a child is in fair or poor health by ________percentage points.
A. 1.2 B. 7.6 C. 9.9 D. 0.5
In the efficiency wage model, an increase in productivity will cause
A. an increase in the real wage. B. no change in the real wage. C. a decrease in the real wage. D. an increase in both the real wage and the level of employment.