Taxes can have an important effect on
A) saving. B) economic growth. C) the labor supply. D) all of the above
D
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Goods that have been produced but not yet sold are referred to as
A) capital goods. B) inventories. C) understocks. D) pre-sold goods.
Capitalism is an economic system that:
A. gives private individuals and corporations the right to own productive resources. B. produces more consumer goods than capital goods. C. produces more capital goods than consumer goods. D. is characterized by government control of markets.
When Lorenzo eats 1 slice of pizza for lunch, his total utility is 23, and when he eats 2 slices of pizza for lunch, his total utility is 42. Assuming that Lorenzo's marginal utility from eating pizza is always positive, we can infer that his total utility from eating 3 slices of pizza at lunch is:
A. greater than 42 and less than 46. B. greater than 23 and less than 42. C. greater than 42 and less than 61. D. greater than 42 and less than 84.
Suppose the equilibrium quantity of ethanol has decreased. Which of the following could have caused this change?
A. an increase in quantity demanded B. an increase in quantity supplied C. a decrease in demand D. an increase in supply