The standard economists use to assess whether an activity should be undertaken is
a. majority vote
b. the marginal benefit assessment.
c. the gold standard
d. economic efficiency.
Answer: d. economic efficiency.
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If the supply curve for housing has the usual positive slope, rent controls are likely to
A. increase the quantity of housing. B. improve the quality of housing. C. aggravate the housing shortage. D. help low-income families find suitable housing. E. increase the demand for housing.
Which of the following is NOT true about the supply of labor to the firm in a competitive labor market?
A) It is horizontal. B) It is perfectly elastic. C) It is equal to the marginal expenditure curve. D) It is upward sloping.
If the price of gasoline (a normal good) decreases, other things constant,
a. the demand for gasoline increases b. the demand for gasoline decreases c. the quantity demanded of gasoline increases d. the quantity demanded of gasoline decreases e. neither the demand for gasoline nor the quantity demanded of gasoline changes because everything is assumed constant along a demand curve
If Saudi Arabia had negative net exports last year, then it
a. sold more abroad than it purchased abroad and had a trade surplus. b. sold more abroad than it purchased abroad and had a trade deficit. c. bought more abroad than it sold abroad and had a trade surplus. d. bought more abroad than it sold abroad and had a trade deficit.