Which of the following describes a situation in which total costs and benefits are the only viable evaluation to inform a decision?

A.Some resource costs are unknown.

B.A good or service cannot be subdivided into increments or additional units.

C.The opportunity cost is unquantifiable.

D.There are no implicit benefits.

E.An accountant identifies steep explicit costs.

Which of the following must be true for a good for which there is demand and a limited supply?

A.The good has no utility.

B.The good's producer enjoys a comparative advantage.

C.Most consumers will find the good their optimal choice.

D.The good is scarce.

E.The production of the good will have a constant opportunity cost.

Which of the following statements about the factors of production is accurate?

A.They are all scarce because of unlimited wants and needs.

B.They are not subject to the law of diminishing marginal benefit.

C.They are categorized into consumer, capital, labor, and entrepreneurship.

D.Most are scarce, except for non-rival factors.

E.They are acquired in the product market.

Country X allows market forces to guide its economy. However, it does regulate some transactions and has set a minimum wage for workers. What kind of economy does this country have?

A.Centralized

B.Command

C.Market

D.Mixed

E.Private

Matilda is offered a free, all-expenses paid trip that would require missing a full four days of work. Her optimal choice must

A.consider only the cost of the trip if she had to pay for it herself

B.include the marginal utility of each individual day of the trip

C.compare the total benefits of the trip with the income given up

D.include the cost of paying for a friend to take the trip with her

E.consider other trade-off activities for the time away from her job