Which of the following terms implies the least degree of confidence in an economic generalization?
A. Hypothesis.
B. Theory.
C. Principle.
D. Law.
Answer: A
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The diamond-water puzzle, described by Adam Smith, suggests that the consumer’s surplus of water is high and the consumer’s surplus for diamonds is low.
Answer the following statement true (T) or false (F)
Table 13.2ABC Bank Balance SheetAssetsLiabilitiesTotal reserves$80,000Transactions accounts$200,000Loans120,000??Refer to Table 13.2. With a required reserve ratio of 10 percent, ABC Bank would have excess reserves of
A. $40,000. B. $60,000. C. $140,000. D. $20,000.
Between 1989 and 1994 the poverty rate went _____.
A. down substantially B. down slightly C. up slightly D. up substantially
Which of the following statements best illustrates the concept of derived demand?
A. As income goes up, the demand for farm products will increase by a smaller relative amount. B. A decline in the price of margarine will reduce the demand for butter. C. A decline in the demand for shoes will cause the demand for leather to decline. D. When the price of gasoline goes up, the demand for motor oil will decline.