The cost-benefit principle states that a consumer will be better off to follow a

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The cost-benefit principle states that a consumer will be better off to follow a particular course of action, only if the Question 1 options: total benefits increase. total costs decrease. total costs remain unchanged. extra benefits from taking the action are greater than the extra costs. total benefits do not decrease.
The cost-benefit principle states that a consumer will be better off to follow a particular course of action, only if the The cost-benefit principle states that a consumer will be better off to follow a particular course of action, only if the total benefits increase. total costs decrease. total costs remain unchanged. extra benefits from taking the action are greater than the extra costs. total benefits do not decrease.
total benefits increase. total costs decrease. total costs remain unchanged. extra benefits from taking the action are greater than the extra costs. total benefits do not decrease.
If a given production combination is efficient, then it must be Question 2 options: beyond the production possibilities curve. possible to expand production of one good without lowering the amount of the other. on the production possibilities curve. either an attainable or unattainable point. the best combination out of all possible combinations. If a given production combination is efficient, then it must be If a given production combination is efficient, then it must be beyond the production possibilities curve. possible to expand production of one good without lowering the amount of the other. on the production possibilities curve. either an attainable or unattainable point. the best combination out of all possible combinations. beyond the production possibilities curve. possible to expand production of one good without lowering the amount of the other. on the production possibilities curve. either an attainable or unattainable point. the best combination out of all possible combinations.
The Latin expression for "all else equal" is ______. Question 3 options: ad infinitum. carpe diem. ceteris paribus. de facto. prima facie. The Latin expression for "all else equal" is ______. The Latin expression for "all else equal" is ______. ad infinitum. carpe diem. ceteris paribus. de facto. prima facie. ad infinitum. carpe diem. ceteris paribus. de facto. prima facie. Dividing the total benefit of N units of an activity by N quantifies the Question 4 options: average benefit. marginal benefit. average cost. units per benefit. additional benefit. Dividing the total benefit of N units of an activity by N quantifies the Dividing the total benefit of N units of an activity by N quantifies the average benefit. marginal benefit. average cost. units per benefit. additional benefit. average benefit. marginal benefit. average cost. units per benefit. additional benefit. The cost-benefit principle indicates that an action should be taken Question 5 options: if the total benefits exceed the total costs. if the extra benefits are positive. if the average benefits exceed the average costs. if the resulting economic surplus is zero. if the extra benefits are greater than the extra costs. The cost-benefit principle indicates that an action should be taken The cost-benefit principle indicates that an action should be taken if the total benefits exceed the total costs. if the extra benefits are positive. if the average benefits exceed the average costs. if the resulting economic surplus is zero. if the extra benefits are greater than the extra costs. if the total benefits exceed the total costs. if the extra benefits are positive. if the average benefits exceed the average costs. if the resulting economic surplus is zero. if the extra benefits are greater than the extra costs. For a nation that finds it has a comparative advantage in producing good Z, it is likely that the size of the comparative advantage will Question 6 options: decline due to competition. grow as production experience increases. remain constant. decline as production experience increases. change in unpredictable ways. For a nation that finds it has a comparative advantage in producing good Z, it is likely that the size of the comparative advantage will For a nation that finds it has a comparative advantage in producing good Z, it is likely that the size of the comparative advantage will decline due to competition. grow as production experience increases. remain constant. decline as production experience increases. change in unpredictable ways. decline due to competition. grow as production experience increases. remain constant. decline as production experience increases. change in unpredictable ways. Decisions that involve doing something or not (e.g., seeing a movie) and decisions that involve choosing a level (e.g., square footage of an apartment) are Question 7 options: dissimilar, requiring two different models on how to decide. dissimilar, with the cost-benefit principle useful only when deciding on the level. similar, requiring a comparison of total benefits and total costs. similar, requiring a comparison of marginal benefits and marginal costs. similar, requiring a comparison of average benefits and average costs. Decisions that involve doing something or not (e.g., seeing a movie) and decisions that involve choosing a level (e.g., square footage of an apartment) are Decisions that involve doing something or not (e.g., seeing a movie) and decisions that involve choosing a level (e.g., square footage of an apartment) are dissimilar, requiring two different models on how to decide. dissimilar, with the cost-benefit principle useful only when deciding on the level. similar, requiring a comparison of total benefits and total costs. similar, requiring a comparison of marginal benefits and marginal costs. similar, requiring a comparison of average benefits and average costs. dissimilar, requiring two different models on how to decide. dissimilar, with the cost-benefit principle useful only when deciding on the level. similar, requiring a comparison of total benefits and total costs. similar, requiring a comparison of marginal benefits and marginal costs. similar, requiring a comparison of average benefits and average costs. Scarcity exists in the world today because Question 8 options: human wants and desires are insatiable. average households are too poor. there is not enough money in the world. people always make the wrong choices. we are always producing the wrong things. Scarcity exists in the world today because Scarcity exists in the world today because human wants and desires are insatiable. average households are too poor. there is not enough money in the world. people always make the wrong choices. we are always producing the wrong things. human wants and desires are insatiable. average households are too poor. there is not enough money in the world. people always make the wrong choices. we are always producing the wrong things. Ethical or value standards are important for the analysis of ______. Question 9 options: positive economics. the fallacy of composition. econometrics. spurious correlation. welfare economics. Ethical or value standards are important for the analysis of ______. Ethical or value standards are important for the analysis of ______. positive economics. the fallacy of composition. econometrics. spurious correlation. welfare economics. positive economics. the fallacy of composition. econometrics. spurious correlation. welfare economics. Welfare economics reflects Question 10 options: society's ethical standards. economic analysis based on facts. society's ethical standards and economic analysis based on facts. value-free observations on economic relationships. subjective values. Welfare economics reflects Welfare economics reflects society's ethical standards. economic analysis based on facts. society's ethical standards and economic analysis based on facts. value-free observations on economic relationships. subjective values. society's ethical standards. economic analysis based on facts. society's ethical standards and economic analysis based on facts. value-free observations on economic relationships. subjective values. The study of macroeconomics includes Question 11 options: the choices made by individual consumers. the production decisions of firms. the causes of poverty. the determinants of the national unemployment rate. individual markets. The study of macroeconomics includes The study of macroeconomics includes the choices made by individual consumers. the production decisions of firms. the causes of poverty. the determinants of the national unemployment rate. individual markets. the choices made by individual consumers. the production decisions of firms. the causes of poverty. the determinants of the national unemployment rate. individual markets. the production of shoes. neither shoe nor pants production. the production of pants. both shoe and pants production. pants and possibly shoe production. the production of shoes. neither shoe nor pants production. the production of pants. both shoe and pants production. pants and possibly shoe production. The scarcity problem indicates that Question 13 options: no matter how much one has, it is never enough. compared to 100 years ago, individuals have less time today. with limited resources, having more of "this" means having less of "that." because trade-offs must be made, resources are therefore scarce. the wealthier a person is, the fewer trade-offs he must make. The scarcity problem indicates that The scarcity problem indicates that no matter how much one has, it is never enough. compared to 100 years ago, individuals have less time today. with limited resources, having more of "this" means having less of "that." because trade-offs must be made, resources are therefore scarce. the wealthier a person is, the fewer trade-offs he must make. no matter how much one has, it is never enough. compared to 100 years ago, individuals have less time today. with limited resources, having more of "this" means having less of "that." because trade-offs must be made, resources are therefore scarce. the wealthier a person is, the fewer trade-offs he must make. Which is the best example of a sunk cost of production to a firm? Question 14 options: Rent on the factory. Wages paid to production workers. Electricity charges. Cost of production materials. Transportation costs. Which is the best example of a sunk cost of production to a firm? Which is the best example of a sunk cost of production to a firm? Rent on the factory. Wages paid to production workers. Electricity charges. Cost of production materials. Transportation costs. Rent on the factory. Wages paid to production workers. Electricity charges. Cost of production materials. Transportation costs. The production possibilities curve shows Question 15 options: the relationship between inputs and output. the minimum amount of one good that can be produced for every possible production level of the other good. a positive relationship. the maximum production of one good for every possible production level of the other good. how increasing the production of one good allows production of the other good to also increase. The production possibilities curve shows The production possibilities curve shows the relationship between inputs and output. the minimum amount of one good that can be produced for every possible production level of the other good. a positive relationship. the maximum production of one good for every possible production level of the other good. how increasing the production of one good allows production of the other good to also increase. the relationship between inputs and output. the minimum amount of one good that can be produced for every possible production level of the other good. a positive relationship. the maximum production of one good for every possible production level of the other good. how increasing the production of one good allows production of the other good to also increase. total benefits increase. total costs decrease. total costs remain unchanged. extra benefits from taking the action are greater than the extra costs. total benefits do not decrease.

Explanation / Answer

1
extra benefits from taking the action are greater than the extra costs.

2
on the production possibilities curve.

3
ceteris paribus.

4
average benefit

5
if the total benefits exceed the total costs.

6
grow as production experience increases.

7
similar, requiring a comparison of marginal benefits and marginal costs.

8
human wants and desires are insatiable

9
welfare economics.

10
society's ethical standards and economic analysis based on facts.

11
the determinants of the national unemployment rate.

12
both shoe and pants production.

13
with limited resources, having more of "this" means having less of "that."

14
Rent on the factory.

15
the maximum production of one good for every possible production level of the other good.

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