Related to the Economics in Practice on page 10: A study on the effect of roommates on college grades found that there were strong roommate effects on grade point average, effort in school, and fraternity membership. Which of the following is an example of a normative statement concerning this study?
A. In order to maintain a high grade point average, students should only choose roommates who have a high grade point average.
B. The effects of roommates on grade point average are strong.
C. The effects of roommates on effort in school are strong.
D. The effects of roommates on fraternity membership are strong.
Answer: A
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During the colonial period there were no apparent economies of large-scale production in:
a. rice. b. wheat. c. tobacco. d. indigo.
Four points on a demand schedule are given: $12, 2 units; $10, 3 units; $15, 5 units; and $2, 4 units. Which combination is inconsistent with the law of demand?
A. $15 and 5 units B. $12 and 2 units C. $2 and 4 units D. $10 and 3 unit
A situation in which spending exceeds income is
A) average propensity to save. B) dissaving. C) the saving function. D) the consumption function.
Which age householder group's mean income among the following was the highest in 2010?
A) 15-25 years old B) 25-34 years old C) 45-54 years old D) 65 years and older