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1) Making a choice at the margin means: A) Letting someone else choose for you
1) Making a choice at the margin means:
A) Letting someone else choose for you.
B) Waiting until the last minute to make a choice.
C) Comparing the total cost of a choice to the total benefit.
D) Comparing the extra cost of a choice to the extra benefit.
2.
The study of the decisions of individual units in the economy is known as:
A) Positive economics.
B) Macroeconomics.
C) Microeconomics.
D) Normative economics.
3.
"Rich people should be charged a higher income tax rate" is best described as a ................. statement.
A) Descriptive economics.
B) Non-judgmental.
C) Normative economics.
D) Positive economics.
Expert Solution
1.
Making a choice at the margin means:
D) Comparing the extra cost of a choice to the extra benefit.
2.
The study of the decisions of individual units in the economy is known as:
C) Microeconomics.
3.
"Rich people should be charged a higher income tax rate" is best described as a ................. statement.
C) Normative economics.
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