A woman who decides to drive to work rather than take the bus
A) is wasting scarce resources.
B) is behaving inefficiently.
C) thinks driving is more economically efficient for her.
D) is probably paying attention to personal comfort and convenience rather than economic efficiency.
C
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What the economist calls externalities create social problems
A) because opportunity costs are low when people live close to one another. B) only when the externalities are negative spillovers. C) partly because people have a limited ability to empathize. D) when people know about all the consequences of their behavior.
In the past twenty years the economy's responsiveness to monetary policy has become
A) weaker and more stretched out. B) weaker and shorter. C) stronger and more stretched out. D) stronger and shorter.
Which state has a value-added tax?
a. Ohio b. Texas c. New York d. Michigan
Which of the following will cause a leftward shift of the supply curve for houses?
A.) A decrease in consumer incomes. B.) An improvement in the technology used to build houses. C.) Consumer expectations that the price of houses will increase next year. D.) An increase in the cost of construction materials.