"Mediocre economists often consider only the immediate apparent effects of a change, whereas a good economist will also consider effects that may only become observable over time." This statement most clearly emphasizes

Arthur Bach is worth $780 million dollars. He goes into an upscale men's store and buys 32 green sweaters, each costing $200 . If Arthur has maximized his utility from this purchase, what is the marginal utility of the thirty-third green sweater?

a. cannot tell b. greater than $200 c. less than $200 d. 0 e. $200

A characteristic of centrally planned economies is that:

A. The price is relatively unimportant in allocating resources B. Output reflects the pattern of consumer spending C. Entrepreneurship is quite prevalent and highly rewarded D. There are many incentives for innovation and hard work