Economists use one standard set of assumptions to answer all economic questions
a. True
b. False
Indicate whether the statement is true or false
False
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Computer chips are a normal good. Suppose the economy slips into a recession so that income falls. As a result, the demand for computer chips ________ so that the price of a computer chip ________
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls E) decreases; does not change
If accounting profits are positive then economic profit is positive
Indicate whether the statement is true or false
According to Olsen, the dictator that promotes growth is the:
a. tinpot b. roving bandit c. the stationary bandit d. all dictators are good for growth e. non dictator is good for growth
Which of the following topics is related to microeconomics?
A. Explanations of why recessions occur. B. Determining how much output a firm should produce. C. The rate of unemployment. D. The rate of economic growth.