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- Study guides, Class notes & Summaries
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PubPol 330 Final Exam Questions & Answers.
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January 2025
2024/2025
A+
PubPol330FinalExamQuestions&Answers.
cost-benefit principle - > An individual (or a firm or a society) should take an action if, and
only if, the extra benefits from taking the action are at least as great as the extra costs.
opportunity cost - > the true cost of something is the next best alternative you have to give
up to get it
-some out-of pocket costs are opportunity costs (not always)
-ignore sunk costs
scarcity - > Limited quantities of resources to meet unlimited wants
s...
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