Most empirical testing in macroeconomics uses data beginning from about 1950.
Answer the following statement true (T) or false (F)
True
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Use the following supply and demand graph for product X to answer the question below. 
What would happen if the government subsidized consumption of this product because it has positive externalities in consumption?
A. demand would increase B. price would decrease C. supply would increase D. demand would decrease
Economic models explore decision making by individuals, firms and other organizations
Indicate whether the statement is true or false
Alfred derives utility from consuming iced tea and lemonade. For the bundle he currently consumes, the marginal utility he receives from iced tea is 16 utils, and the marginal utility he receives from lemonade is 8 utils
Instead of consuming this bundle, Alfred should: A) buy more iced tea and less lemonade. B) buy more lemonade and less iced tea. C) buy more iced tea and lemonade. D) buy less iced tea and lemonade. E) none of the above is necessarily correct.
If the demand for hand-sewn leather shoes increases, it is likely the demand for leather will:
A. also increase. B. decrease slightly. C. stay the same. D. drop significantly and producers will use another material.