Economics is primarily the study of:
A) the mental functions and behavior of individuals and groups.
B) the state, nation, government, and politics and policies of governments.
C) the problems related to existence and evolution of society.
D) how agents choose to allocate scarce resources and how the choices affect society.
D
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The first Taco Bell 7-layer burrito you ate was extraordinary. The second one was good. The third one was pretty good. The fourth one was just kind of okay. This illustrates
A) utilitarianism. B) diminishing marginal utility. C) the benefits-received principle. D) transcendentalism.
"Your college didn't choose to admit you as a student." Your textbook authors make such a statement in order to
A) offend you. B) confuse you. C) remind you that beggars can't be choosers. D) emphasize that choices are made by particular individuals, even if they are in the name of organizations.
Which of the following statements is correct?
a. The ideal solution to a pollution problem is to reduce pollution until it is technologically impossible to reduce it any further. b. The ideal and fair solution to a pollution problem is to impose identical compliance standards on all polluting firms. c. Charging firms for transferable emissions permits is a more efficient way of dealing with pollution than are compliance standards. d. A per-unit pollution tax is a more efficient way of dealing with pollution than is a system of transferable emissions permits.
Firms in a monopolistically competitive market will produce where the difference between TR and TC are maximized
a. True b. False