Decision making "at the margin" means making a choice based on __________ of a decision
A) the total benefits
B) the total costs
C) comparing the total benefits and costs
D) comparing the additional benefits and costs
D
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Refer to Table 5.1. Andrea has a comparative advantage in the production of
A) bracelets. B) tiaras. C) both products. D) neither product.
According to Keynesian theory, the natural forces in the economy may not quickly move the economy toward potential real GDP
a. True b. False Indicate whether the statement is true or false
Assuming that a society always operates on its production possibilities curve, an inward shift of the curve implies that
A. the country's capacity to produce is fixed. B. the country is not using its resources efficiently. C. the country's capacity to produce has contracted. D. All of the choices are true.
Suppose every good costs $8 per unit and Molly holds $120 . What is the real value of the money she holds?
a. $120 . If the price of goods rises, to maintain the real value of her money holdings she needs to hold more dollars. b. $120 . If the price of goods rises, to maintain the real value of her money holdings she needs to hold fewer dollars. c. 15 units of goods. If the price of goods rises, to maintain the real value of her money holdings she needs to hold more dollars. d. 15 units of goods. If the price of goods rises, to maintain the real value of her money holdings she needs to hold fewer dollars.