Scientists are very hesitant to base any knowledge on heuristic models because:
A. it is easy to believe a story and make sense of it within its own frame.
B. they contain too many equilibria.
C. they do not contain any implications for government policy and influencing choice.
D. they only use the deductive approach.
Answer: A
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An increase in both equilibrium price and quantity could be produced by a(n)
a. decrease in supply, with demand constant b. increase in supply, with demand constant c. decrease in demand, with supply constant d. increase in demand, with supply constant e. rise in resource prices
The richest American is ______.
Fill in the blank(s) with the appropriate word(s).
In order to maximize profit, a firm that produces its output in two plants will allocate total output between the two plants so that
A. marginal revenue for the firm is equal to the sum of the plants' marginal costs. B. marginal cost for the firm is equal to the sum of the plants' marginal costs. C. marginal cost is equal for the two plants. D. all of the above
Most economists agree that the economy will adjust to a recessionary gap, but the adjustment process
A. is rapid and destabilizing. B. is moderately quick, but not as rapid as necessary. C. takes place solely on the supply side. D. is very slow.