The economic problem is the study of
a) consumption decisions.
b) production technology.
c) how society decides what, how and for whom to produce.
d) the best way to run society.
Ans: c) how society decides what, how and for whom to produce.
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Suppose the market for pizza slices is in equilibrium at a price of $1 per slice. What conditions are likely to be satisfied in the pizza slice market?
What will be an ideal response?
The Value Added Tax (VAT) is
A. not often used in the United States. B. a percentage tax. C. added at each stage to production. D. all of these answer options are correct.
The task of economic regulation is to:
a. protect monopoly profits.
b. approximate the results of the competitive market.
c. replace competition with government ownership.
d. ensure laissez faire.
e. increase competition within the market.
If the marginal benefit of a good is less than its marginal cost, then the nation should:
A. Produce more of that good B. Maintain the current level of production of that good C. Reduce the marginal benefit of that good D. Reduce the production of that good