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 maximize some objective.
C) emphasis on how choices affect total values rather than marginal values.
D) the notion that the world has solved the problem of scarcity.
Ans: B) the assumption that individuals choose to maximize some objective.
Economics
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High unemployment is undesirable because it
A) results in a loss of output. B) always increases inflation. C) always increases interest rates. D) reduces idle resources.
Economics
Which of the following is TRUE for a monopolistically competitive firm?
A. MR = AFC B. MR > P C. MR < P D. MR = P
Economics