The advancement of computers has increased the productivity of a paper mill. How will this likely affect the supply of paper? It will likely cause:
A. a leftward shift in the supply of paper.
B. no shift, but a movement along the supply curve.
C. a shift straight up in the supply of paper.
D. a rightward shift in the supply of paper.
Answer: D
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The economic way of thinking assumes individuals
A) are irrational. B) are only concerned with "number one" (i.e., themselves). C) try to advance their own projects. D) cannot possibly behave in the interests of others.
If an economist claims there are substitutes for fossil fuels, she is really saying
A) fossil fuels don't have to be economized. B) fossil fuels aren't scarce goods. C) fossil fuels aren't important. D) fossil fuels are used, and maintained, only at a cost. E) economists don't care for fossil fuels.
Marginal utility diminishes more quickly:
a. the less durable the good is. b. the greater the number of consumers consuming the good. c. the shorter the time period between two successive consumptions. d. the greater the number of firms producing the good. e. the cheaper the good is.
A strategy that identifies the causal effects of a policy or factor by looking at two samples that lie on either side of a threshold or cutoff is called intention to treat.
Answer the following statement true (T) or false (F)