Adam Smith believed that the individual pursuit of self-interest:
A. should usually be discouraged.
B. always leads to an efficient outcome.
C. is impossible in a perfectly competitive market.
D. often promotes the broader interests of society.
Answer: D
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Refer to the figure below. If Laura and Chris are the only two consumers in this market then at a price of $2.50 per pound, the market demand for hamburger is: 
A. 4.5 pounds per week B. 1.5 pounds per week C. 3 pounds per week D. 4 pounds per week
If demand is perfectly elastic, a sales tax is paid by
A) only the buyers. B) only the sellers. C) both the buyers and sellers. D) None of the above answers is correct.
In which of the following situations is the principal-agent problem least likely to occur?
a. a hospital stay b. a doctor's visit c. a bartender serves you at the bar d. your TV is repaired e. a stockbroker calls with financial advice
The conceptual measure of the satisfaction a person obtains by consuming all the units of a good or service during a given time period is:
a. total product. b. total revenue. c. total utility. d. total product.