Economics is the study of the logic of
A. rational decisions.
B. decision-making activities.
C. ends and means.
D. choosing options from those available.
E. All of the responses are correct.
Answer: E
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Walter Raleigh was an explorer from _____
a. England b. France c. Holland d. Portugal e. Spain
What was not one of the Constitutional compromises about slavery?
a. Limited the importation of slaves to 20 years b. Northern states had to abide by the Southern states' slavery laws c. Prevented imported slaves from being taxed d. Slaves counted a 60% of a person for congressional representation
A government wishing to maximize its tax revenues should
A. always assess the lowest possible tax rate. B. always assess the highest possible tax rate. C. determine the highest possible tax rate and then back it down by exactly 4 percentage points. D. push tax rates up to the point where revenues peak, but raise the tax rate no farther.
Use the following graph for a perfectly competitive firm generating a loss in the short run to answer the next question.
Which of the following market changes would allow the firm to earn an economic profit?
A. an increase in the number of firms entering the industry B. a decrease in market demand C. a decrease in the price of the industry's product D. an increase in market demand