Author Question: Which of the following best describes rational behavior? a. analyzing the total expected costs of a ... (Read 37 times)

audragclark · **on:** Jun 30, 2018

Which of the following best describes rational behavior?
a. analyzing the total expected costs of a decision
b. analyzing the total expected benefits of a decision
c. Continuing to undertake an activity until its total expected benefit no longer exceeds its total expected cost
d. undertaking activities as long as the marginal expected benefit exceeds the marginal expected cost

Question 2

Which of the following is false?
a. We do not have information on nonmarket transactions output that is reliable enough to include it in the GDP.
b. The most important nonmarket transaction omitted from GDP are services provided directly in the home.
c. The value that individuals place on leisure is omitted in calculating GDP.
d. All goods and services exchanged in the current period are included in this year's GDP.