The Idea That an Action Should Be Undertaken If and Only

question 80

Multiple Choice

The idea that an action should be undertaken if and only if the benefits exceed the costs is known as the concept of

• A) economic efficiency.
• B) public welfare maximization.
• C) marginal comparative advantage.
• D) monetary construction of values.

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Definitions:

South Korean Won

The official currency of South Korea, used as a medium of exchange within the country.

Appreciated in Value

An increase in the worth of an asset or currency over time.

Balance of Payments

A record of all economic transactions between the residents of a country and the rest of the world in a given period.

Financial Account

A component of a country's balance of payments that records investments and transactions of financial assets between residents and non-residents.