The economizing problem for individuals is a consequence of the fact that:
A. Economic means or incomes are greater than economic wants
B. Economic wants are greater than economic means or incomes
C. Positive economics is more important than normative economics
D. Normative economics is more important than positive economics
Answer: B
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In the figure below, a firm that is using peak load pricing sets a price of ________ in the peak period and a price of ________ in the off-peak period.
A) $60; $30
B) $60; $20
C) $20; $10
D) $60; $10
When the benefits of an activity are received by those who are not directly involved in it, _____
a. a negative externality exists b. the government is producing a free good c. resources are being used in their highest-valued activity d. the government has to compensate for the loss in social welfare e. a positive externality exists
The Clayton Act
a. was passed in 1890 b. created the Federal Trade Commission c. abolished antitrust policy in this country d. attempted to give explicit content to what formed an antitrust violation e. made mergers between corporations illegal
Future generations will be hurt by a high national debt if incurring the debt
a. was done to pay Social Security recipients. b. resulted in heavy commitments to bail out business firms. c. increased formation of capital. d. slowed the formation of capital.