Related to the Economics in Practice on p. 10: Prior to joining the glee club, Anjelica spent most of her free time studying in the library. Once she joined the glee club, Anjelica spent her free time hanging out in karaoke bars with other glee club members. This change in behavior is best described by
A. the ceteris paribus error.
B. the post hoc ergo prompter hoc fallacy.
C. the fallacy of logic.
D. the problem of peer effects.
Answer: D
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For a good such as food, the income elasticity is likely
A) negative. B) equal to zero. C) positive and less than one. D) positive and greater than one. E) undefined because people always buy the same amount of food.
Do rent ceilings result in any deadweight loss?
What will be an ideal response?
Given the strict quantity theory of money, if the quantity of money doubled, prices would:
a. fall by half. b. double. c. remain constant. d. increase somewhat but less than double.
Which basic approach to environment policy may be the only workable solution in brief but serious emergencies that do not allow for time to plan and enact a systematic program?
a. Taxes on pollution b. Voluntary compliance c. Tradable emissions permits d. Direct controls like legal ceilings