Scientists are interested in finding out when their theories are wrong, as well as when their theories are right
Indicate whether the statement is true or false
True
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What do economists mean when they characterize households and firms as forward looking?
What will be an ideal response?
What is the difference between an autonomous increase in consumption and an induced increase in consumption? Give an example of each
Which of the following is a partially valid economic argument for restricting free trade?
a. Restrictions on foreign trade will increase employment and permanently reduce unemployment. b. Infant industries may need temporary protection to develop and gain productive efficiency. c. A nation needs to protect its national defense; hence, it should restrict some products that threaten an industry considered vital to its defense. d. Both b and c are correct.
A pack of cigarettes costs $6. At the age of 16, some people start smoking one pack per day or 365 packs a year. Assume there is no increase in the future price of cigarettes. How much retirement wealth are these people sacrificing if they smoke until reaching the age of 66?
A) $2,190 (=$6 * 365 days). B) $ 109,500 (=$2,190 * 50 years). C) $6. D) $109,500 plus the compound interest income that could have been earned on the funds over the 50 years.