A.   considering all prospective marginal benefits and marginal costs to oneself.

B.   equal consideration for your own and others’ welfare

C.   always considering the long-run.

A.   The funds dedicated to this purpose represent a very small share of profits.

B.   The money spent is worth the boost it gives to corporate image.

C.   The money will be spent efficiently to cure cancer.

A.   implies that people will always know exactly what they are buying

B.   is an assumption that economists make to have a useful model for how decisions are made.

C.   assumes that people will always attempt to act in their own self-interest.

A.   humankind as a whole.

B.   strangers.

C.   close friends and family.

A.   marginal benefit.

B.   total benefit.

C.   opportunity cost.

A.   continue with the project provided that the additional electricity is worth more than $20 million.

B.   continue with the project provided that the additional electricity is worth more than $32 million.

C.   continue with the project provided that the additional electricity is worth more than $12 million.

A.   the additional crops grown from one more crop-dusting (the marginal product) is rising.

B.   the total benefits from all crop-dustings is greater than the the total cost of all crop-dustings.

C.   the marginal benefit is greater than the marginal cost of an additional crop-dusting.

A.   continue with the project provided that the additional solar electricity is worth more than $22 million.

B.   continue with the project provided that the additional solar electricity is worth more than $10 million.

C.   continue with the project provided that the additional solar electricity is worth more than $32 million.

A.   I am absolutely positive that there is a better way.

B.   There is a limit to the income each year to which the FICA tax applies, but that is fair, since there is a limit to social security benefits.

C.   Social security benefits are not taxed.

A.   facts.

B.   conjecture.

C.   value judgements.

A.   devoid of value judgements.

B.   based upon what ought to be.

C.   correct.

A.   Retired professionals are generous tippers.

B.   Retired professionals spend less that working professionals.

C.   Retired professionals should work less and get out more.

A.   $1000 per month monetary and $1000 per month opportunity cost.

B.   zero monetary cost but a $1000 per month opportunity cost.

C.   $1000 per month monetary cost but a $2000 per month opportunity cost.

A.   $1000 per month monetary and opportunity cost.

B.   $500 per month monetary cost but a $1500 per month opportunity cost.

C.   zero monetary cost but a $1000 per month opportunity cost.

A.   income (budget) limitations.

B.   utility.

C.   the prices of the goods that we may purchase.

A.   the tastes and preferences of the decision-maker.

B.   how effectively one more of each of the two competing goods satisfies wants.

C.   how much one item costs compared to the cost of the other item.

A.   the budget constraint demonstrates diminishing returns.

B.   the production possibilities model demonstrates diminishing returns.

C.   the budget constraint depicts an inverse relationship, or a trade-off.

A.   some land or labor is more productive in one use than another.

B.   the opportunity cost of producing more of something will remain constant.

C.   technology can advance.

A.   since otherwise output may go to where it is less valued.

B.   since otherwise resources are idle.

C.   since it would be impossible to produce more of one thing without producing less of another.

A.   The budget constraint model demonstrates diminishing returns.

B.   The production possibilities model depicts purchase choices.

C.   The production possibilities model demonstrates diminishing returns.