Gary Becker and Kevin Murphy are among the economists who believe that social factors such as culture, customs, and religion do not explain the choices consumers make.
a. true
b. false
b. false
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The above figure shows a motel engaged in monopolistic competition with other motels. The equilibrium price at this motel is ________ per room
A) $20 B) $30 C) $40 D) $50 E) $10
We have learned from this chapter that the real value of the debt is eroded by inflation and may be overestimated because of it and other factors. Do you feel that the debt will be a major concern during your working lifetime and retirement?
What will be an ideal response?
A perfectly free market system may not be efficient in terms of minimizing pollution, unsafe working conditions, unfair hiring practices, and a grossly uneven distribution of wealth.
Indicate whether the statement is true or false.
Which agency was created by Congress in 1914 to investigate and regulate unfair methods of competition?
a. the Department of Justice b. the Federal Trade Commission c. the Interstate Commerce Commission d. the General Accounting Office e. the Council on Competitiveness