Alan could most directly apply the principles of economic decision making with respect to his job when:
A. deciding which girl to marry.
B. deciding how to spend his paycheck.
C. deciding which route on his way to work is the most scenic.
D. deciding what to have for dinner after a long day at work.
Answer: B
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Both optimization in levels and optimization in differences:
A) consider only the benefits from different alternatives. B) consider only the costs incurred in different alternatives. C) provide identical answers when comparing two alternatives. D) require the calculation of change in net benefits of switching from one alternative to another.
What is the relationship between the marginal social benefit curve and the market demand curve. Explain
What will be an ideal response?
The relative concept of poverty is based on how far a family falls behind the
a. average family income. b. top 20 percent of families. c. minimum in wages. d. any of the above.
If MPS is equal to 0.15 and MPI is equal to 0.10, an initial change of $19,000 in government expenditure would result in a total change of _____ in income
a. $19,000 b. $16,150 c. $20,000 d. $76,000 e. $126,667