Which of the following is not a key economic question?
(A) How should it be ensured that goods and services are paid for?
(B) Who consumes these goods and services?
(C) How should these goods and services be produced?
(D) What goods and services should be produced?
Ans: (A) How should it be ensured that goods and services are paid for?
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Which of the following is not a result we would expect to result from a tariff on leather shoes? a. The price of leather shoes in the U.S. would increase
b. The amount of shoes imported into the U.S. would decline. c. Fewer pairs of shoes would be sold in the U.S. d. Domestic producers would sell fewer shoes at the higher prices.
While waiting in line to buy two tacos at 80 cents each and a medium drink for 90 cents, Jordan notices that the restaurant has a value meal containing three tacos and a medium drink all for $3 . For Jordan, the marginal cost of the third taco would be:
a. zero. b. 50 cents. c. 80 cents. d. $1.