Most real economic choices involve small (or marginal) changes, rather than all-or-nothing decisions
a. True
b. False
A
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The body that is responsible for dating the beginning and ending dates for a recession is
A) the Congress. B) the National Bureau of Economic Research. C) the Bureau of Economic Analysis. D) the Fed.
According to the textbook, Manning and his colleagues found that people with $1,000-deductible policies spent ______ on health care relative to people with first-dollar coverage.
A. 50 percent more B. the same amount C. 40 percent more D. less
Most economists believe that property taxes
A. should be eliminated. B. are progressive. C. should become an important source of revenue for the federal government. D. are regressive.
Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $7, we would expect that
A) supply will increase until quantity demanded equals quantity supplied. B) price will increase until quantity demanded equals quantity supplied. C) demand will decrease until quantity demanded equals quantity supplied. D) there will be no change in the price since the market is in equilibrium.