Which of the following is true of a natural experiment?
A. A natural experiment occurs when some endogenous event changes the environment in which individuals, families, firms, or cities operate.
B. The control group in a natural experiment is randomly chosen.
C. The treatment group in a natural experiment is randomly chosen.
D. Control and treatment groups in a natural experiment arise due to an exogenous event.
Answer: D
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When a supplier imposes resale price maintenance on its dealers, social gain will increase as long as
a. the supplier chooses to charge a competitive price for its product. b. the value consumers receive from dealer services outweighs their cost. c. dealers are allowed to charge consumers less than the supplier's recommended retail price. d. dealers are able to enter and exit the industry costlessly.
The Fed's responsibilities include controlling the money supply, clearing checks, and supervising and regulating banks
a. True b. False Indicate whether the statement is true or false
If the tax revenue of the federal government is less than its spending, then the federal government necessarily
a. runs a budget deficit. b. runs a budget surplus. c. runs a national debt. d. will increase taxes.
How could Adam Smith's comment about the butcher, the brewer, and the baker be accurately rephrased in modern terms?
A) The butcher, the brewer, and the baker give us our dinner because they want to be well liked in the community. B) The butcher, the brewer, and the baker give us our dinner because they will be sued if they don't do so. C) The butcher, the brewer, and the baker give us our dinner because they each earn a living by doing so. D) The butcher, the brewer, and the baker give us our dinner because they view doing so as a public service.