A decision made by a rational person
A) is intended to make the person worse off.
B) would always make the person wealthier.
C) is identical to a decision that would be made by any other person facing the same choices.
D) is intended to make the person better off.
D
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What area in the above figure is the consumer surplus at the efficient quantity?
A) A B) A + B + C C) F D) D + E + F
Which of the following is the best example of a normative economic statement?
a. A rise in gasoline prices will cause gasoline purchases to fall. b. The federal government should spend more on health care. c. Raising the minimum wage will result in greater unemployment. d. If more money is printed, then the economy's price level will rise.
Which of the following would most likely not cause market demand for a normal good to decline?
a. An increase in the price of a substitute. b. An increase in the price of a complement. c. A decline in consumer income. d. Consumer expectations that the good will go on sale in the near future. e. An announcement by the Surgeon General that the product contributes to premature death.death.
Protectionism is best defined as
A. reducing barriers to trade in order to protect firms that export to other nations. B. using tariffs, quotas, or other barriers to trade to protect domestic jobs. C. using low-cost loans from the government to encourage industries to offshore their operations to other nations. D. protecting workers from layoffs by subsidizing industries in danger of reducing their workforces.