The combined use of statistics, economic theory, mathematics, and "real world" data is referred to as
a. microeconomics
b. econometrics
c. macroeconomics
d. positive economics
e. normative economics
B
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Protection of rivers in Idaho is a public good. If the marginal social cost of protecting rivers in Idaho exceeds the marginal social benefit of river protection, is there more than, less than,
or the efficient amount of river protection taking place?
Does a subsidy to buyers affect the supply curve?
A. Yes, it shifts supply up by the amount of the subsidy. B. Yes, it shifts supply to the right by the amount of the subsidy. C. No, the quantity supplied will increase, but the supply curve does not move. D. No, the quantity supplied will decrease, but the supply curve does not move.
Which of the following is not a common effect of imposing a rent control?
a. Discriminatory practices by landlords. b. More time on waiting lists and searching for housing. c. A "black market" for rentals. d. An excess supply of rentals at the controlled price.
The ultimate bargaining tool for unions is
A) the strike. B) "labor's Magna Carta." C) the Taft-Hartley Act. D) the sympathy strike.