In the production of corn, millions of farmers world-wide are ________, so there is ________ on economic profits to go to zero.
A. oligopolists; pressure
B. monopolists; no pressure
C. perfect competitors; pressure
D. oligopolists; no pressure
Answer: C
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The concept of "wages" does not include which of the following items?
A. bonuses and royalties earned B. money spent by workers C. direct money payments, like salaries and commissions D. fringe benefits, like health insurance and paid leave
Supply describes how much of something producers:
A. are willing and able to buy under certain circumstances. B. want to sell under certain circumstances, although they may not be able to. C. are willing and able to offer for sale at varies prices under given circumstances. D. want to offer for sale under certain circumstances, although they may not be willing to.
Which of the following would not be part of the empirical approach when studying such questions as "Has abortion led to a decrease in the crime rate?"
A. Using models to structure the empirical study B. Creating informal models and hypotheses C. Using deductive reasoning D. Looking at the data
Which of these is a flow variable?
What will be an ideal response?