The questions of what type of public goods to produce, and how much to produce, are resolved:
a. in product markets.
b. in resource markets.
c. in private clubs.
d. through public choices.
d
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Techniques for estimating demand curves using direct observations from the marketplace are part of a family of statistical techniques referred to as:
a. legal studies. b. Econometrics. c. policy analysis. d. Economic expansion.
The internet auction site eBay is an example of a(n)
A) Sealed Bid Auction. B) Second-Price Auction. C) English Auction. D) Both A and B.
If the government places a $1.20 tax on each pizza sold
A) consumers will have to pay $1.20 more for each pizza they buy. B) the supply curve will shift left by $1.20. C) the demand curve will shift right by $1.20. D) both the demand curve and the supply curve will shift by 60 cents each.
Microeconomics and macroeconomics are closely linked
a. True b. False Indicate whether the statement is true or false