The marginal principle implies that an individual should produce or consume where:
A. marginal benefit exceeds marginal cost.
B. marginal benefit is less than marginal cost.
C. marginal benefit equals marginal cost.
D. total benefit equals total cost.
Answer: C
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The largest share of the U.S. private economy is
A) in manufacturing. B) competitive or monopolistically competitive. C) oligopolistic. D) monopolistic.
Fiscal federalism in the EU refers to
A) one nation's control of the monetary policy of all the other nations. B) freedom of member countries to leave the EU at any time. C) the transfer of economic resources from members with healthy economies to those suffering economic setbacks. D) one nation's freedom to abandon the Euro and use its own currency. E) the transfer of economic resources between members with healthy economies.
If society produces at a point inside the production possibilities frontier, it is characterized by full employment of resources
a. True b. False Indicate whether the statement is true or false
Susan is trying to decide whether to quit her $20,000 per year job so she can return to college next year as a full time student. If she goes to college next year, her books and supplies will cost $500, tuition will cost $3,000, and her other expenses (transportation, housing, and food) will increase by $2,000. What is Susan's opportunity cost of attending college next year?
A) $5,500 B) $3,000 C) $25,500 D) $3,500