As of the year 2000, agriculture accounted for what percentage of total U.S. output?
A. 8 percent.
B. 5 percent.
C. 1 percent.
D. None of the choices are correct.
Answer: C
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If the demand for gasoline becomes more elastic over time,
A. the demand curve will shift out. B. the demand curve will become flatter. C. other things being equal, the equilibrium price of gasoline must fall. D. other things being equal, the equilibrium quantity of gasoline must fall.
Ticket "scalping" is an example of
a. experimental economics. b. the limitation of the volume of transactions. c. the development of a black market. d. favoritism.
Rational choice requires that opportunity cost be
A. ignored in making a decision. B. considered for individual choices but not for societal choices. C. computed but not actually used in making a decision. D. considered as part of making a decision. E. used as the sole decision criterion.
Suppose that Steve and Susie each perceives $200 of marginal benefit from a proposed new park, whereas Elizabeth perceives $800. If the proposed tax levied on each for the park would be $300, a majority vote will:
A. defeat this project and resources will be underallocated to it. B. defeat this project and resources will be efficiently allocated. C. pass this project and resources will be underallocated to it. D. pass this project and resources will be overallocated to it.