Theory seeks to
a. simplify a complex reality
b. confront reality in all its complexity by focusing on the unique aspects of each phenomenon
c. explain phenomena without predicting them
d. predict phenomena without explaining them
e. distort reality in order to improve forecasting ability
A
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The banking industry is heavily regulated because
A. banking is a monopoly industry. B. most banks are owned by government agencies. C. bankers do what is best for their stockholders, not necessarily what is best for the economy. D. All of these responses are correct.
If a person has a comparative advantage in some activity, she must have an absolute advantage in that activity as well.
Answer the following statement true (T) or false (F)
In 2011, the three largest economies in the world were (listed in order, from largest):
A. The U.S., China, Germany B. China, the U.S., Japan C. The U.S., China, Japan D. China, the U.S., Germany
The real wage rate will fall if the
A) labor supply curve shifts rightward and the labor demand curve does not shift. B) labor supply curve shifts leftward and the labor demand curve does not shift. C) labor demand curve shifts rightward and the labor supply curve does not shift. D) labor demand curve shifts rightward more than the labor supply curve shifts rightward.