People:
a. tend to specialize in those activities in which their opportunity costs are minimum
b. tend to specialize in those activities in which their opportunity costs are maximum.
c. never consider opportunity costs while deciding which activities to specialize in.
d. consider only direct costs while deciding which activities to specialize in.
e. do not behave in their own self-interest.
a
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The Mayor of Stuckeyville is considering increasing the tax on bowling. He is confident that tax revenues will increase but recognizes the possibility that they may decrease. The mayor is engaging in
A) dynamic tax analysis. B) static tax analysis. C) a policy that will cause the tax base to increase. D) a policy that will cause the tax base to remain unchanged.
How is the production of public goods funded?
The Federal Open Market Committee is important because
a. its deliberations are extremely private b. it sets the course for the nation's money supply c. it is composed of people who are most knowledgeable about the economy d. it discusses unemployment and inflation e. of its influence on fiscal policy
Economic profit is a key term in economics and is defined as total revenue
a. plus total cost b. minus marginal cost c. minus variable cost d. minus total cost e. minus fixed cost