Which of the following is an example of entrepreneurship?
A) a student who produces and sells t-shirts at a football game
B) all of the above
C) an employee who figures out how to make her services more valuable to the business for which she works
D) a 15-year old who operates a lemonade stand during hot summer days
B) all of the above
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A Pareto optimum is a point that
A) a malevolent dictator would choose. B) a cooperative coalition of some altruistic consumers would choose. C) a cooperative coalition of some socially responsible firms would choose. D) a social planner would choose.
In 1970s the federal government imposed price controls on natural gas. Which of the following statements is true?
A) These price controls caused a chronic excess supply of natural gas. B) Consumers gained from the price controls, because consumer surplus was larger than it would have been under free market equilibrium. C) Producers gained from the price controls because producer surplus was larger than it would have been under free market equilibrium. D) This episode of price controls was unusual, because it resulted in no deadweight loss to society.
There will be an increase in supply when
A) a consumer's income increases. B) there is an improvement in technology. C) the demand curve shifts. D) the market price rises from $3 to $4.
Using the income approach, an indirect business tax is a(n):
a. sales tax. b. excise tax. c. license fee. d. all of these.