An economy where private individuals guided by the invisible hand make decisions is known as a:
A. socialist economy.
B. centrally planned economy.
C. barter economy.
D. market economy.
Answer: D
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Under which one of the following conditions would a lawyer accept a case on a contingent basis?
A) The lawyer is risk averse. B) The client is risk loving. C) The lawyer has several cases on a contingent basis with payoffs that are not perfectly positively correlated. D) The lawyer is more risk averse than the client is.
Analyzing the effect of minimum wage changes on teenage employment across the 48 contiguous U.S. states from 1980 to 2004 is an example of using
A) time series data. B) panel data. C) having a treatment group vs. a control group, since only teenagers receive minimum wages. D) cross-sectional data.
Relative to GDP, interest on the national debt
a. has grown at a steady rate during the last 40 years b. has remained constant in recent decades c. grew especially rapidly during the 1980s d. declined slightly during the 1980s e. fluctuates as retirement portfolios change their allocation of government securities
Firms are more likely to avoid a prisoners' dilemma when they interact repeatedly than when they rarely interact.
Answer the following statement true (T) or false (F)