What is marginal analysis?
Marginal analysis is a method for calculating optimal choices?the choices that best promote the decision maker's objective. It works by testing whether, and by how much, a small change in a decision will move things toward or away from the goal. It helps consumers determine their optimal purchase decisions.
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Which of the following increases labor productivity?
A) decreases in the availability of computers and factory buildings B) a decline in the health of the population C) inventions of new machinery, equipment, or software D) an increase in the aggregate hours of work
Answer the following statements true (T) or false (F)
1. Economic theory and economic policy are synonymous. 2. Your decision to attend college was a microeconomics choice. 3. Goods directly used by individuals and households are known as capital goods. 4. The relationship between the price of a book and the number of volumes purchased would be an example of microeconomics.