Making a decision "on the margin" involves comparing:
A. total benefits against total costs, which include benefits and costs from past decisions.
B. the most benefit you could expect to get without considering costs.
C. sunk costs against opportunity costs.
D. additional benefits against additional costs.
Answer: D
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Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, the net gain of producer surplus equals area(s)
A. B + C. B. D. C. A + B + C + D. D. B + C + D.
"Supply" is best defined as the relationship between:
A) the current price of a good and the quantity supplied at that price. B) the price of a good or service and the quantity supplied by producers at each price during a period of time. C) the cost of producing a good and the price consumers are willing to pay for it. D) the quantity supplied and the price people are willing to pay for a good.
Which term do economists use to refer to a difference in wages that arises from nonmonetary characteristics of different jobs?
a. non-pecuniary differentials b. compensating differentials c. fundamental differences d. idiosyncratic differences
The price index was 128 in 2013, and the inflation rate was 24 percent between 2012 and 2013 . The price index in 2012 was
a. 104.0. b. 103.2. c. 158.7. d. 152.0.