What is marginal benefit? How is it measured?
What will be an ideal response?
The marginal benefit from a good or service is the benefit received from consuming one more unit of it. It is measured by what an individual is willing to give up (or pay) for an additional that last unit.
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Which of the following nations is NOT part of OPEC?
A. Kuwait B. Indonesia C. Iran D. Mexico
Hurricane Katrina destroyed much of New Orleans and other parts of the South. Which of the following statements is true? The hurricane:
A. caused the production possibilities frontier of the United States to shift in. B. caused the production possibilities to increase, since it created a lot of work to rebuild the city affected areas. C. caused the production possibilities frontier of the United States to shift. D. didn’t change the production possibilities frontier, but moved from a point on the frontier to a point inside the frontier.
Behavioral economics
a. helps explain why economic decision makers maximize either utility or profit b. assumes that people behave "as if" they are maximizing something. c. is a subfield of economics, but one that is rejected by most economists d. explains why irrational behavior is better than typically "rational" behavior. e. points out that some human behavior is not consistent with any type of maximization
Which of the following is a source of inequality in incomes?
a. luck b. willingness to take risks c. differences in investment in human capital d. All of the above are correct.