An example of underutilization is producing
a. as many muffins and widescreen televisions as the economy is capable of making
b. fewer muffins and widescreen televisions than the economy is capable of making
c. more muffins and fewer widescreen televisions
d. fewer muffins and more widescreen televisions
Ans: b. fewer muffins and widescreen televisions than the economy is capable of making
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What would an economist assume about Osama Bin Laden and Barack Obama?
A) They pursue plans. B) Their plans are consistent with the public interest. C) They don't understand the economic way of thinking. D) Their demands for all scarce goods are very inelastic.
Economic surplus is another term for which of the following?
a. efficiency b. consumer surplus c. social surplus d. deadweight loss
The tax burden will fall most heavily on sellers of the good when the demand curve
a. is relatively steep, and the supply curve is relatively flat. b. is relatively flat, and the supply curve is relatively steep. c. and the supply curve are both relatively flat. d. and the supply curve are both relatively steep.
All else equal, as the price of oil rises, potential profits from producing oil ________ which ________ oil companies to look for additional sources of oil
A) increase; encourages B) increase; discourages C) decrease; encourages D) decrease; discourages