For which of the following social questions is there a relatively clear, objectively correct answer?
A. For Whom to Produce?
B. How to Produce?
C. Why Produce?
D. None of the above
Answer: C. Why Produce?
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If a tax is imposed on a good,________
A) consumer surplus increases B) producer surplus increases C) the quantity of the good traded in the market increases D) the equilibrium quantity of the good in the market falls
Homer and Teddy are stranded on a desert island. To feed themselves each day they can either catch fish or pick fruit. In a day, Teddy could pick 60 pieces of fruit or catch 20 fish. Homer could pick 100 pieces of fruit or catch 150 fish
Which of the following is CORRECT? A) Homer has a comparative advantage in catching fish and Teddy has a comparative advantage in picking fruit. B) Homer has a comparative advantage in picking fruit and Teddy has a comparative advantage in catching fish. C) Homer has a comparative advantage in both catching fish and picking fruit. D) Teddy has a comparative advantage in both catching fish and picking fruit.
Examples of agency addressing social regulation include
A) OSHA B) EPA C) FDA D) all of these choices
Which statement is true?
A. The Fed can induce people to buy United States government securities, but it can't induce them to sell. B. The Fed can induce people to sell United States government securities, but it can't induce them to buy. C. The Fed can induce people to buy and sell United States government securities. D. The Fed cannot induce people to buy or sell United States government securities.