You have data for sales of pizza for each of the 50 states in 2011. The type of graph to best display these data would be a
A) trend-line diagram.
B) scatter diagram.
C) multi-variable time-series graph.
D) cross-section graph.
E) time-series graph.
D
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Which of the following will not contribute to increasing the stock of physical or human capital of a nation?
a. an increase in savings b. a reduction in taxes on capital gains and stock dividends c. a lack of enforcement of private property rights d. the subsidization of higher education
With respect to how economists study the economy, which of the following statements is most accurate?
a. Economists study the past, but they do not try to predict the future. b. Economists use "rules of thumb" to predict the future. c. Economists devise theories, collect data, and analyze the data to test the theories. d. Economists use controlled experiments in much the same way that biologists and physicists do.
The observed change in the reserves of copper, lead, and zinc between 1960 and 1990 was most likely caused by
A. low prices discouraging exploration for new reserves. B. a slowdown in demand growth. C. high prices that stimulated exploration. D. the discovery of substitutes.
If the supply curve for orange juice is estimated to be Q = 40 + 2p, then
A) supply is price elastic at all prices. B) supply is price inelastic at all prices. C) supply is elastic only at prices below 20. D) No general statements about price elasticity of supply can be made.