Talking about alternatives is the first step in a process that helps us make better choices about how we use our resources
Indicate whether the statement is true or false
TRUE
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Making "how much" decisions involves
A) calculating the total costs of the activity and determining if you can afford to incur that expenditure. B) calculating the total benefits of the activity and determining if you are satisfied with that amount. C) determining the additional benefits and the additional costs of that activity. D) calculating the average benefit and the average cost of an activity to determine if it is worthwhile undertaking that activity.
The marginal productivity principle has relevance only in a capitalist economy, and not in a socialist system.
Answer the following statement true (T) or false (F)
Which of the following statements concerning the supply of labor is true?
A. The wage rate has no effect on the supply of labor. B. The labor supply curve is downward sloping. C. The supply of labor is determined by the prevailing wage rate. D. The typical labor supply curve is upward sloping.
Refer to the information provided in Figure 29.1 below to answer the question(s) that follow.
Figure 29.1Refer to Figure 29.1. If the condition of the economy at point E is realized by policy makers when the economy is at point G, policy is likely to be inappropriate due to
A. crowding out. B. the response lag. C. the recognition lag. D. the implementation lag.