Economics

Which of the following is true? (Points : 1) Efficiency refers to the size of the economic pie; equation refers to how the pie is divided. Government policies usually improve upon both equality and efficiency. As long as the economic pie continually gets larger, no peerless will have to go hungry. Efficiency and equality shadower both be achieved if the economic pie is cut into equal pieces. 2. Pete receives $50 as a birthday gift. In deciding how to legislate the money, he narrows his options down to four choices: excerpt A, Option B, Option C, and Option D. Each option costs $50. Finally he decides on Option B. The opportunity cost of this decision is (Points : 1) the respect to Pete of the option he would have chosen had Option B not been available. the value to Pete of Options A, C and D combined. $50. $100. 3. Making judicious decisions at the margin means that people (Points : 1) deposit those decisions that do not impose a marginal cost. evaluate how advantageously a decision can be reversed if problems arise. contrast the marginal costs and marginal benefits of each decision. al modalitys steer the marginal dollar costs for each decision. 4.

Suppose the conjure up of Iowa passes a law that increases the price of cigarettes by $1 per pack. As a result, residents in Iowa start purchasing their cigarettes in touch states. Which of the following principles does this best illustrate? (Points : 1) People respond to incentives sagacious people think at the margin Trade can make everyone better off Markets are usually a good way to organize economic activity 5. A furniture maker presently produces 100 tables per week and sells them for a profit. She is considering expanding her operation in revisal to make more tables. Should she expand? (Points : 1) Yes, because making tables is profitable. No, because she may not be able to... If you want to get a proficient essay, order it on our website: Orderessay

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