Which of the following is not held constant when considering the demand for pizza?
A. Expectations of higher prices for pizzas.
B. Consumer incomes.
C. The price of spaghetti (a substitute).
D. The price of pizza.
Answer: D
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The benevolent social planner wants to extract the ________ the limited resources we have been given, and her objective is to ________ the size of the economic pie
A) greatest amount of happiness from; minimize B) greatest amount of happiness from; maximize C) least productive of; minimize D) least productive of; maximize
Which of the following suggests that the "laws" of supply and demand are being disobeyed?
a. outside forces disturbing an equilibrium b. persistent shortages or surpluses c. the market never moving from an equilibrium d. "other things" not always being equal
Refer to the figure below. What is the total amount of tax paid by Bart?
A. 0
B. 50
C. 15
D. 750
If the economy relies entirely on the market mechanism to answer the WHAT, HOW, and FOR WHOM questions, it tends to
A. Overproduce goods that yield external benefits and underproduce those that generate external costs. B. Underproduce goods that yield external benefits and overproduce those that generate external costs. C. Overproduce goods that yield external benefits and overproduce those that generate external costs. D. Underproduce goods that yield external benefits and underproduce those that generate external costs.