John decides to leave college early and play professional sports. Which of the following economic principles does John use?
i. personal economic policies
ii. marginal cost versus marginal benefit analysis
iii. normative versus positive economics
A) i and ii
B) i, ii and iii
C) ii only
D) i and iii
E) ii and iii
A
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The number of U.S. workers in unions today is:
A. higher than it was in the 1950s. B. about 21 %of all wage and salary workers. C. just under 15 million Americans. D. All of these are true.
Diversification
What will be an ideal response?
The slope of a production possibilities frontier
A) has no economic relevance or meaning. B) is always constant. C) is always varying. D) measures the opportunity cost of producing one more unit of a good.
The total amount of taxes paid divided by before-tax income is the
A. median taxpayer rate. B. average tax rate. C. rate of hysteresis. D. marginal tax rate.