Cost-benefit analysis requires:
A) choosing the alternative with the least net benefit.
B) all costs and benefits to be measured in the same unit.
C) evaluating the budget constraint before making a choice.
D) that the risks associated with different alternatives are ignored.
B
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Referring to a production possibilities curve and the goods being compared, depict the economic event. The SARS epidemic spreads rapidly throughout Toronto, Canada claiming millions of lives (capital vs. consumer goods).
A. A movement from a point inside the curve to a point on the curve B. A movement from a point on the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward)
A cartel is a group of firms that
A) produce differentiated products. B) produce products that are complements. C) agree to restrict output to boost their profit. D) agree to boost output to boost their profit.
If total U.S. trade consists of $10 billion in electronics imports from Japan and $9 billion in automobile exports to Germany, then the U.S. net export account will be negative
a. True b. False Indicate whether the statement is true or false
Refer to Figure 3.2, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, what is the market quantity supplied at a price of $20?
A. 0 B. 100 C. 150 D. 200