The main difficulty in applying marginal analysis is
a. calculating total cost
b. determining which costs and revenues are relevant to a particular decision
c. calculating average cost
d. All of the above
b
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Transfer earning is the minimum amount that has to be paid to a factor to allocate it in its next best alternative use
a. True b. False Indicate whether the statement is true or false
Which of the following is a problem with using real GDP as a measure of economic well-being? a. It fails to measure the value of leisure
b. It fails to measure the underground economy. c. It does not factor in externalities. d. all of the above
The United States Congress passes a law requiring that all businesses, regardless of size, pay 100% of employees' healthcare costs. What is a likely result of this action?
A) Businesses will hire more workers. B) Congress will collect more tax revenue. C) Big Businesses will earn greater profits. D) Many small businesses will be forced to close.
Which of the following is true?
a. Decision making should never be centralized b. When decentralizing decision making, figure out a way to transfer information to the decision maker c. When decentralizing decision making, strengthen incentive compensation schemes d. When decentralizing decision making, weaken incentive compensation schemes