Explain why economics is considered a social science
What will be an ideal response?
Economics is a social science because it studies the actions of individuals. As a social science, economics considers human behavior, particularly decision-making behavior, in every context.
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Significant economic growth did not begin in the world until
A) 1000 A.D. B) 1750 A.D. C) 1820 A.D. D) the 20th century A.D.
If you observed that the both the wage rate and employment increased, which of the following would be a possible explanation?
a. A decrease in labor demand b. An increase in labor demand that outpaced an increase in labor supply c. A decrease in labor demand coupled with an increase in labor supply d. A decrease in labor supply e. An increase in labor supply that outpaced an increase in labor demand
According to the No Marginal Improvement Principle, if X* is the best choice, then:
A. MB must be greater than MC at X*. B. MB must be equal to MC at X*. C. MB must be less than MC at X*. D. MB must be greater than or equal to MC at X*.
The supply curve of truck drivers is upward sloping and demand curve is downward sloping. A reduction in the price of hauling freight by truck relative to the price of hauling freight by rail will ____ the equilibrium wage of truck drivers and ____ the number of drivers employed.
A. decrease; decrease B. decrease; increase C. increase; decrease D. increase; increase