In Order to Determine Whether to Major in Economics,a Rational

question 26

Multiple Choice

In order to determine whether to major in economics,a rational individual compares the ________ of the decision.

• A) marginal benefit and marginal cost
• B) opportunity cost and the sunk cost
• C) positive benefits and normative costs
• D) normative benefits and positive costs
• E) self-interest and social-interest

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Definitions:

Average Return

A calculation that represents the typical gain or loss of an investment over a specified period.

Efficiency

The ability of an entity or system to achieve its goals with the least waste of time, effort, or material resources.

Market Prices

The current value at which an asset or service can be bought or sold in a competitive marketplace.

Historical Information

Data regarding past events, performance, and decisions in a company or market, used for research, analysis, and strategic planning.