In order to determine whether to major in economics, a rational individual compares the ________ of the decision
A) normative benefits and positive costs
B) positive benefits and normative costs
C) marginal benefit and marginal cost
D) self-interest and social-interest
E) opportunity cost and the sunk cost
C
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If a 5 percent increase in income leads to a 10 percent decrease in quantity demanded for a product, this product is
A) a necessity. B) an income elastic good. C) an inferior good. D) a luxury good.
Many less developed countries have low rates of economic growth because
a. high population growth rates reduce living standards b. low population growth rates result in an inadequate labor supply c. high current output per capita reduces incentives for growth d. interest rates are too high e. they invest too much in infrastructure leaving little for private capital investment