Economic theory is most useful in explaining the operation of social systems
A) aimed at making a living.
B) directed toward the satisfaction of material wants.
C) in the world of business and finance.
D) in which participants characteristically don't know one another personally.
E) in which people pursue selfish interests.
D
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Which of the following taxes is based on the ability-to-pay principle?
a. tolls on a bridge b. income taxes c. gasoline excise taxes d. property taxes e. user fees that collect the same amount from each person
Suppose that Thom experiences a greater loss in utility if he loses $50 than he would gain in utility if he wins $50 . This implies that Thom's
a. marginal utility diminishes as wealth rises, so he must be risk averse. b. marginal utility diminishes as wealth rises, but we can't tell from this if he is risk averse. c. marginal utility increases as wealth rises, so he must be risk averse. d. marginal utility increases as wealth rises, but we can't tell from this if he is risk averse.
Figure 3-15
Refer to . Which area represents producer surplus when the price is P2?
a.
BCE
b.
ACF
c.
ABED
d.
AFEB
How does the U.S. Labor Department treat individuals who begin working a part- time job because they cannot find full-time work?
a. as discouraged workers b. as partly employed c. as fully employed d. as unemployed