The economic way of thinking asserts, as a universal claim, that
A) politicians are immoral.
B) voters are immoral.
C) morals don't matter in politics.
D) all of the above are true.
E) none of the above are true.
E
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Marginal cost is always greater than zero, regardless of the output level
Indicate whether the statement is true or false
A demand schedule is a numerical tabulation of the ___________________ of a good at different ____________________
A) quantity supplied; prices B) quantity demanded; incomes C) quantity demanded; prices D) quantity supplied; incomes
High oil prices in the 1970s motivated ________ to look for oil, which was found in ________.
A. the United Kingdom; the North Sea B. Saudi Arabia; their desert C. the Soviet Union; the Ural Mountains D. the United States; Oklahoma
The difference between a private good and a public good is that
A) private goods are government-sponsored goods while public goods are government-inhibited goods. B) externalities are always created in the production process but not in the production of public goods. C) private goods make us happy while public goods do not. D) the exclusion principle applies to a private good but not to a public good.