In economic decision making, what is a net benefit?
a. the fair-market value of both the money costs and the non-money costs
b. the financial value gained from comparative advantages and absolute advantages
c. the projected difference between marginal thinking and opportunity costs
d. the difference between expected marginal benefits and expected marginal costs
d. the difference between expected marginal benefits and expected marginal costs
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During a recession the unemployment rate generally ________ and during an expansion the unemployment rate generally ________
A) rises; rises B) rises; falls C) rises; does not change D) falls; rises E) does not change; falls
Gross Domestic Product (GDP) is defined as the market value of:
A) all goods and services sold during the year by domestic and foreign producers. B) all final consumer goods produced during the year by domestic and foreign suppliers. C) all intermediate goods produced during the year by domestic and foreign suppliers. D) all final goods and services produced within the boundaries of an economy during the year by domestic and foreign-supplied resources.