Capital income in the U.S. equals approximately ________ of GDP.

The economic way of thinking includes:

A) more attention paid to benefits rather than the costs involved in any choice. B) the assumption that individuals choose to average out some objective. C) emphasis on how choices are made at the margin. D) the notion that the industrialized nations have solved the problem of scarcity.

The benefit from an additional unit of a good or service that people other than the consumer of that good or service receives is the

A) marginal private benefit. B) marginal external benefit. C) marginal social benefit. D) opportunity cost.