A core principle of the economic way of thinking assumes social phenomena
A) are less important than economic phenomena.
B) are more important by far than economic phenomena.
C) cannot be influenced by ethical considerations.
D) emerge from individuals' choices.
D
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Elvira decreased her consumption of bananas when the price of peanut butter increased. For Elvira, peanut butter and bananas are
A) complements in consumption. B) both luxury goods. C) both inferior goods. D) substitutes in consumption.
The tax on gasoline
a. reduces efficiency by causing large deadweight losses. b. reduces efficiency by decreasing consumer surplus and producer surplus. c. enhances efficiency by serving as a corrective device in a market with positive externalities. d. enhances efficiency by serving as a corrective device in a market with negative externalities.