Economists make a distinction between changes in quantity demanded and changes in demand:
A. Because the supply curve shifts whenever there is a change in demand.
B. Because the demand curve shifts whenever there is a change in quantity demanded.
C. To distinguish a movement along a demand curve from a shift of the demand curve.
D. To distinguish a surplus from a shortage.
Answer: C. To distinguish a movement along a demand curve from a shift of the demand curve.
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The use of chlorofluorocarbons in refrigerators and air conditioners is alleged to cause the destruction of the ozone layer that surrounds the earth and protects humans from ultraviolet radiation. Output of this substance has been restricted by a licensing system where producers have to bid in the open market for licenses to produce them in specified quantities. This is an example of dealing with externalities by
A. voluntary compliance. B. direct controls. C. taxes. D. cap-and-trade.
According to the BLS approximately 8.4 million workers are union members in the private sector and about 7.3 million workers are union members in the public sector.
a. true b. false
Researchers have found that the income of obese women is about 17 percent lower than that of women who are of the recommended weight. This result implies that:
A. obese women earn less because employers discriminate against them. B. the relationship between obesity and income is accidental. C. obese women earn less either because they are less productive or because employers discriminate against them. D. obese women earn less because they are less productive.
The table gives data on the production and prices in a small economy. Use 2012 as the base period. Using the chained-price method, what is the growth rate of real GDP from 2012 to 2013?
What will be an ideal response?