People cope with uncertainty about the future:
A. in very similar ways, regardless of the situation.
B. in many ways, such as buying insurance.
C. exactly the same way, regardless of the situation.
D. by always avoiding it.
Answer: B
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Figure 5-5 shows a consumer budget line for french fries and hamburgers. The price of an order of fries is $2. This implies that the price of a burger is
A. $1. B. $2. C. $4. D. $8.
Economists hold many positions advising the president and Congress including
a. being a member of the Council of Economic Advisers. b. helping to enforce antitrust laws at the Department of Justice. c. conducting research at the Congressional Budget Office. d. All of these are possible positions that economists hold.
Which of the following statements is true?
A. There was a great deal of stagflation in the 1930s. B. The inflation rate fell during the Eisenhower Administration, but rose during the Reagan years. C. Output in the United States fell by about one-third between 1929 and 1933. D. The Medicare and Medicaid programs were inaugurated during the New Deal.
If the marginal social benefit of consuming a good or a service exceeds the marginal private benefit
A) a negative externality exists. B) the market achieves economic efficiency. C) a positive externality exists. D) the sum of consumer surplus and producer surplus is maximized.