A federal government surplus is said to exist in the event that ________
A) federal outlays are greater than federal revenues
B) federal outlays are equal to federal revenues
C) federal outlays are less than federal revenues
D) any of the above conditions exists
C
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In a market system, the most dangerous types of bankruptcies involve
A. industrial monopolies. B. multinational firms. C. employment agencies. D. financial institutions.
Bobby is offered two fulltime jobs. In the first job, as a salesperson, he has a 50 percent chance to make $2,000 a month and a 50 percent chance to make $10,000 a month. The second job, as a construction worker, pays $4,500 a month with certainty
Bobby's utility of wealth curve is shown in the figure above. Bobby will take the ________ job because his expected ________ from this job is greater. A) first; utility B) second; utility C) second; income D) first; income
The Hawaiian island of Lana'i is privately owned by Castle & Cooke and for generations most of its land was used to grow pineapples. Now, many of the pineapple fields have been replaced by tourist accommodations, including a pair of world-class hotels and a top rated golf course. What would an economist say about this change in land-use patterns?
A) While growing pineapples used the island's land more efficiently, tourism provides utility to the largest number of people. B) Economic rent has allocated the island's resources to their highest-valued use: tourism. C) Agriculture is still the land's highest-valued and most efficient use, but tourism earns more profits for Castle & Cooke. D) To find the land's economic rent, add the price per acre that land on Lana'i would be worth if used to grow pineapples to the value per acre when used for a golf course.
In the small country of Talisman, the liquor industry is monopolized by a single producer Best Drinks Inc Best Drinks charges high end customers like 5-star hotels a much higher price than it charges local pubs. Identify the correct statement from the following
a. Best Drinks is aware of the variations in the valuation of its products by different consumer segments. b. Best Drinks minimizes cost by charging different consumers different prices. c. Charging different prices for different consumers increases consumer surplus. d. Best Drinks charges different prices because its sole objective is sales maximization.