In the arena of decision making, the choice that will automatically take place if the chooser fails to make an active decision is called the:
A. processing option.
B. default option.
C. choice option.
D. auto option.
B. default option.
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What is the role of value judgments in economic analysis?
What will be an ideal response?
Suppose that a person in the United States earns $5,000 and faces an income tax rate of 25 percent. If that person saves $2,000 and invests it at 12 percent then he or she will pay
A) less in taxes because of the saving. B) tax only on the income spent. C) more in taxes than if there had been no saving. D) tax only on the amount saved.
Determine the retail disposal charge that will produce an efficient allocation of antifreeze.
Suppose you are a public official responsible for setting a retail disposal charge on antifreeze. Estimated marginal benefit and cost functions for antifreeze are as follows: MPB = 10.0 – 0.5Q MPC = MSC = 1.0 + 0.4Q MSB = 10.0 –1.1Q, whereMPB, MSB, and MPC are measured in dollars per gallon, and Q is in millions of gallons.
In which one of these years was the U.S. poverty rate the lowest?
A. 1960 B. 1964 C. 1973 D. 1983