Refer to the graph shown. The relationship represented in the figure is called a:
A. labor demand curve.
B. short-run Phillips curve.
C. labor supply curve.
D. long-run Phillips curve.
Answer: B
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Private goods are ________
A) excludable but non-rival in consumption B) non-excludable and non-rival in consumption C) non-excludable but rival in consumption D) excludable and rival in consumption
In the above table, the balance on the capital account for Country X is ________ billion dollars
A) -80 B) +35 C) +80 D) -35
From the economist's perspective, "market failures" basically arise when:
A. the market system is unable to adapt to or to accommodate change. B. the quantity demanded for a good or service is greater than the quantity supplied of the good or service. C. demand and supply do not accurately reflect all the benefits and all the costs of production. D. the quantity supplied of a good or service is greater than the quantity demanded for a good or service.
Which of the following statements concerning economic models is FALSE?
A) Economic models must provide usable predictions. B) Economic models are based on data alone and no assumptions. C) Economic models are tested empirically. D) Economic models relate to how people behave.