When buying a car from a dealership, to get the best bargain
a. Allow the dealership to make the first offer
b. Keep a cushion of bargaining space in the quoted price
c. Make a take it or leave it offer
d. All of the above
c
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If a large number of people decide to major in economics, the supply and demand model has little to say about the future wages of economists
Indicate whether the statement is true or false
What was not a reason for the decline of the Deep South between the Civil War and 1890?
a. Elimination of economies of scale in the production process. b. An extended period of droughts and bad weather. c. Significant withdrawal of labor from the fields, especially by women and children. d. Increased competition from cotton suppliers in other nations.
What is the role of value judgments in economic analysis?
A freely functioning market
A. maximizes freedom of choice. B. cannot be made more efficient with government intervention. C. will fairly reward talent and punish the lazy. D. will always be efficient.