Economics is a social science rather than a "hard" science like physics because
a. economists abstract from reality when creating their theories.
b. economics is easier to study than physics.
c. economists must explain their theories to policy makers who lack formal mathematical training.
d. economists study human behavior, which is affected by an unpredictable and vast range of influences.
d
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Opportunity costs arise from
A) choices. B) taxes. C) mistakes. D) regrets.
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. Suppose Country B decides to specialize in tomatoes, and Country A specializes in bananas. What terms of trade would both countries agree to? One tomato for:
A. one banana B. two bananas C. four bananas D. six bananas
A movement along a demand curve is
A. a change in demand and is caused by a change in the price of the good. B. a change in the quantity demanded and can be caused by a change in consumers' income. C. a change in the quantity demanded and is caused by a change in the price of the good. D. a change in demand and can be caused by a change in consumers' income.
A government policy that lets individuals put away money for retirement tax-free will
A) shift the demand curve for loanable funds rightward. B) crowd out private investment. C) shift the supply curve of loanable funds to the right. D) induce people to save less at any interest rate.