Economics is primarily the study of:
A) the mental functions and behavior of individuals and groups.
B) the state, nation, government, and politics and policies of governments.
C) the problems related to existence and evolution of society.
D) how agents choose to allocate scarce resources and how the choices affect society.
D
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________ are the largest components of state and local government revenue
A) Individual income taxes and corporate income taxes B) Transfers from federal government and sales taxes C) Individual income taxes and sales taxes D) Transfers from federal government and corporate income taxes E) Corporate income taxes and lottery income
What is one reason it might be difficult to dissuade people from pirating music off the Internet?
A) Consumer surplus is very high when music is pirated. B) In general, consumers get a rush from "stealing." C) Consumers mistakenly believe that the Internet is public domain. D) Producer surplus is very low when music is pirated.