The economic way of thinking assumes individuals
A) are irrational.
B) are only concerned with "number one" (i.e., themselves).
C) try to advance their own projects.
D) cannot possibly behave in the interests of others.
C
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We consider the preferences of the consumer because
A) we want to understand the consumer's reaction to changing circumstances. B) we want to determine the best marketing strategy. C) the government wants to make the best consumption and leisure choice. D) the firm needs to determine what to produce.
In a simple majority vote, the losses to the losers are greater than the gains to the winners. It follows that the
A) outcome of the vote is efficient. B) outcome of the vote is inefficient. C) outcome of the vote will be nullified (most likely by the Courts). D) vote has generated net benefits. E) none of the above
The quantity measure in the aggregate demand relationship is the:
A. total quantity of goods and services supplied in the economy. B. market value of the total quantity of goods and services demanded in the economy. C. total quantity of goods and services demanded in the economy. D. market value of the total quantity of goods and services supplied in the economy.
Fast food restaurants produce a range of menu items such as hamburgers, chicken sandwiches, salads, and french fries. What fundamental economic question are they addressing by offering this range of items?
A) How to produce goods that consumers want? B) Why produce a variety of menu items? C) What to produce? D) Who to produce the menu items for?