The role of the government in establishing how private business can operate includes all of the following except
A. Providing raw materials to business.
B. Protecting consumers from defective products.
C. Providing a legal framework.
D. Protecting the environment.
Answer: A
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The firm in the above figure has an economic profit of ________
A) $0 B) $80 C) $160 D) more than $161 E) less than zero, that is, the firm has an economic loss
The price of a goods falls and you discover that you can eat more of the goods because they are cheaper than other goods
a. surplus efficiency. b. latent efficiency. c. demand efficiency. d. production efficiency. e. none of the above
Which of the following serves as the central bank for the United States?
A) the Federal Deposit Insurance Corporation B) the U.S. Treasury Department C) the Federal Reserve System D) the World Bank
The only goods you consume are pizza and soda. Both are normal goods. You consider pizza and soda to be substitutes. Which of the following will lead you to eat more pizza?
A) The price of a pizza falls. B) The price of a soda falls. C) The price of a soda rises. D) Both answers A and C are correct.