The concept of the margin decision deals with:
A) engaging in unethical activities.
B) making difficult choices.
C) making incremental choices.
D) choosing all or none of something.
Ans: C) making incremental choices.
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GDP does not directly include intermediate goods because
A) intermediate goods are not valuable. B) intermediate goods are not useful to consumers. C) that would count the intermediate goods twice. D) that would understate the true size of GDP.
All of the following make the use of fiscal policy less attractive EXCEPT
A) expansionary fiscal policy tends to cause inflation and offsets some of the increased consumer spending. B) that it cannot be effective, unless it is accommodated with expansionary monetary policy. C) the substantial margin of error in the value of the multiplier. D) the legislative lag, which is the time it takes for Congress and the President to pass and implement the measure. E) the crowding out effect, which is the decrease in private spending that occurs due to increased government spending.
The minimum wage is an attempt to raise the income of low-income workers
a. True b. False
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.