The optimal level of any activity is that level for which
A. total benefit exceeds total cost by the greatest amount.
B. marginal benefit exceeds marginal cost by the greatest possible amount.
C. both a and b
D. none of the above
Answer: A
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In economics, the demand for a good refers to the amount of the good that people
a. Will buy at alternative income levels b. Need to achieve a minimum standard of living. c. Will buy at various prices d. Would like to have if the good were free
The South was characterized by all of the following except
(a) large plantations and slave labor. (b) a more unequal distribution of income and wealth than in the North. (c) a lack of public education systems. (d) a strong manufacturing sector.
The Clayton Act was passed in
a. 1887 b. 1890 c. 1914 d. 1936 e. 1952
What leads to chronic deficits on U.S. current account?
a. declining value of the dollar and uncertainty about its future b. devaluation of the dollar c. imports being greater than exports year after year d. foreigners buying up U.S. assets in the U.S. year after year e. more exports and fewer imports year after year