The value of a slice of pizza to a consumer is equal to
A) its marginal benefit.
B) the maximum price the consumer is willing to pay.
C) the consumer surplus.
D) Both answers A and B are correct.
E) Both answers B and C are correct.
D
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The economic growth of the United States over the last half-century ________
A) is best understood as the result of high levels of saving and investment B) is quite similar to the experience of most other economies C) was driven by rising import purchases D) has been slower than growth in several other economies
In the long run, a perfectly competitive market will exhibit
a. zero producer surplus b. zero consumer surplus c. positive economic profit d. allocative and productive efficiency e. allocative but not productive efficiency
Farming in poor countries is considered to be ________ intensive because ________.
A. labor; the tools in poor countries are more plentiful than the people B. labor; labor is typically relatively cheaper than machinery in poor countries C. capital; the labor used is concentrated, spread thinly across a lot of capital D. capital; the tools in poor countries are relatively cheaper than the cost of using people in poor countries