If a Person Takes an Action If, and Only If

question 52

Multiple Choice

If a person takes an action if, and only if, the extra benefits from taking that action are at least as great as the extra costs, then that person is:

• A)not following the Cost-Benefit Principle.
• B)following the Scarcity Principle.
• C)following the Cost-Benefit Principle.
• D)not rational.

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Definitions:

Nontariff Barriers

Restrictions that countries use to control the amount of trade across their borders, not including the use of tariffs, such as quotas and embargoes.

Competitive Advantage

A condition that allows a company or country to produce goods or services at a lower price or in a more desirable fashion for customers than competitors.

Eurozone

A geographical and economic region consisting of European Union countries that have adopted the euro as their official currency.

EU's Members

Countries that are part of the European Union, an economic and political union of European nations.