Socialism is an economic system characterized by:
A. private ownership of resources and market decision-making.
B. government ownership of resources and centralized decision-making.
C. cooperation, sharing, and little central government.
D. a complex structure of rules and traditions that dictates decision-making.
Answer: B
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Grace is headed to work at a catering business as a waitress for $100. Her sister Paige calls and asks her to go horseback riding instead. Grace decides to go to work, which implies Grace's opportunity cost of working is:
A. greater than $100. B. less than $100. C. equal to $100. D. no more than $100.
Scarcity is the fundamental problem of the economy
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of labor-market discrimination? You may assume that worker A and worker B have identical characteristics except for the ones listed. A firm offers a higher salary to worker A than worker B because worker A
a. has more experience. b. is willing to travel two weeks out of each month, whereas worker B will not travel more than three nights a month. c. has a special certification that directly relates to her job, whereas worker B does not. d. is a young blonde woman, whereas worker B is an older, gray-haired man.
A person prefers large and small levels of national defense to medium-sized levels of national defense. This person
A. is violating the law of transitivity. B. has single-peaked preferences. C. has multiple-peaked preferences. D. cannot achieve his or her most-preferred outcome.