Rational civilization make decisions a the margin by comparing a. Median costs and benefitsb. Complete costs and also benefitsc. Extr costs and benefitsd. Chance costs and also benefits


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Suppose the state that wyoming overcome a law that increases the taxes on cigarettes. As a result, smokers who live in wyoming begin purchasing thier cigs in neighboring states. Which of the following ethics does this best illustratea world respond to incentivesb rational civilization think at the marginc trademark can make everyone much better offd industries are usually a great way to organize economic activity
Market failure have the right to be resulted in by?a low customer demandb equilibrium prices c externalities and market powerd high prices and also foreign competition
The hatchet "market failure"a way the exact same thing as market powerb describes the dissolved of a industry when firms decide to quit creating a details productc refers to failure of a sector to create an efficient allocation the resourcesd refers to the govt failure to enforce home rights of households or this firm that get involved in a details market
The truth that different countries expirience different standards of life is largely explained by differences in those countries" a populationsb performance levelsc locationsd none space correct
In the circular flow diagram,a factors of production flow from govt to firmsb goods and also services flow from firms to householdsc income paid come the components of production flows native firms to householdsd spending on goods and also services circulation from firms come households
in a circular flow diagram i m sorry of the following items flows from firms through the industries for the components of production?a goods and also servicesb land, labor and also capitalc dollars invested on goods and services d earnings rent and also profit
in a specific economy, jam and also bread are produced and the economy at this time operates top top its manufacturing possibilities frontier. Which of the following occasions would permit the economic situation to produce an ext jam and an ext bread, family member to the quantities of those items that room being developed now?a unemployed job is placed to work developing jam and also breadb the economic situation put that idle resources to work developing jam and breadc the economic situation experiences financial growthd all of the above are correct
if job in mexico is less abundant than job in the united states in all areas of production,a climate neither country can advantage from tradeb then mexico can benefit from trade however the us cannotc then the united claims will have actually a comparative adv loved one to mexico in the manufacturing of every goodsd then both mexico and the us still can advantage from trade
to acquire the market need curve because that a product, amount the individual demand curves a verticallyb diagonallyc horizontallyd then mean them
pizza is a normal great if the demanda for pizza rises when income risesb for pizza rises as soon as the price of pizza fallsc curve for pizza slopes upwardd curve because that pizza move to the
a to decrease in the price the a great willa increase supplyb to decrease supplyc rise quantity suppliedd decrease amount demanded
economists compute the price elasticity of need ifa perecnt opportunity in price split by the perecent adjust in amount demandedb change in quantity demanded split by the readjust in pricec percent change in amount demanded split by the percentage change in priced percentage readjust in amount demanded by the percent adjust in income
demand is said to be elastic ifa amount demanded transforms proportionatly more than priceb price alters proportionatly much more than incomec amount demanded alters proportionatly less than priced amount demanded transforms proportionatley the very same as price
if the price the milk rises, as soon as is the price elasticity of need likely to be the lowest?a immediately after the price increaseb one month after ~ the price increasec three months after the price enhanced one year after ~ the price increase
if the demand for donuts is elastic, then an increase in the price that donuts willa increase total revenue for donut sellersb decrease total revenue because that donut sellersc not readjust total revenue the donut sellersd there is not enough info to answer this question
assume the a 4 percent decrease in revenue results in a 6 percent boost in the amount demanded of a good. The revenue elasticity of demand for the great isa an unfavorable and the good is an worse goodb negative and the good is a normal goodc positive and the great is inferior d positive and the good is a regular good
for which pairs of great is the overcome price elasticity most most likely to be positivea peanut butter and jellyb bicycle frames advertisement bicycle tiresc ice cream cream and frozen yogurtd college textbooks and ipads
if the cross price elasticity of demand fro two products is -4.5, thena the two items are substitutesb the products are complimentsc among the products is typical while the other great is inferiord one of the products is deluxe while the other good is a necessity
frequently in the brief run the quantity gave of a good isa impossible or virtually impossible to measureb not very responsive come price changesc established by the amount demanded the the goodd figured out by the psychological forces and also other non economic forces
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