Imagine an economist ordering pizza by the slice. When deciding how many slices to order, she would pick that number where the enjoyment of the ________ equals the enjoyment she could get from using the money on another good.
A. average slice
B. first slice
C. last slice
D. total number of slices
Answer: C
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The minimum wage, if it is binding, lowers the incomes of
a. no workers. b. only those workers who become unemployed. c. only those workers who have jobs. d. all workers.
When Republicans and Democrats offer similar platforms in an election campaign, a likely explanation is the
a. Arrow impossibility theorem. b. Condorcet paradox. c. median voter theorem. d. fact that politicians are more interested in the national interest than their own self-interest.
In 2017, the U.S. median income for a family of four was about $61,000.
Answer the following statement true (T) or false (F)
When two people are on the contract curve, the allocation of goods
A) cannot be improved. B) is Pareto efficient. C) is such that neither individual can be made better off without making the other worse off. D) All of the above.