Refer to Figure 1.7. This economy will achieve efficiency in production at
A. Point D only.
B. Point J only.
C. Points D, G, and J.
D. Point G only.
Answer: C
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Investment, as defined by economists, would not include which of the following? Ford
A) adds 1,000 new cars to inventories. B) builds another assembly plant in the United States. C) buys a new robotic machine (from a plant in Ohio) to assemble cars. D) buys U.S. government bonds.
A study discussed in the Making the Connection feature in the text found that there is ________ that some consumers are not well aware of prices, even for goods they buy regularly
A) substantial evidence B) no evidence C) little evidence D) no reason to believe
Hotelling's model has been used to describe differentiation in the political "market." Suppose that 100 voters are evenly distributed between the extreme left and the extreme right on the political spectrum, and that all voters vote, and they always vote for the candidate closest to them on this spectrum. The numbers on this spectrum represent the number of voters lying to the left of the number. So, at the midpoint, fifty voters lie to the left and fifty to the right.
Suppose Candidate X is running against Candidate Y. If Candidate Z enters the race:
A. most of the voters who were going to vote for Y will now vote for Z. B. approximately half of the voters who were going to vote for X will now vote for Z. C. X will win because Y and Z will be competing for the same voters. D. all of the voters who were going to vote for Y will now vote for Z.
The ________ is the number of unemployed divided by the labor force and the ________ is the number of employed divided by the adult population.
A. unemployment rate; employment ratio B. discouraged worker ratio; employment rate C. unemployment rate; employment rate D. unemployment ratio; participation rate