A statement about economic behavior or the economy that enables prediction of the probable effects of certain actions is known as a(n): (check all that apply)
a. economic hypothesis
b. economic law
c. normative economic statement
d. economic principle
b. economic law
d. economic principle
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The textbook notes that the last time a major league batter hit .400 was in 1941. This is because:
A. the league imposes harsh penalties for steroid use. B. baseball diamonds have become larger. C. the average quality of batters has fallen. D. specialization by pitchers, infielders, and outfielders has made it harder for batters to hit.
In the ________ increases in the supply of money will ________
A) long run; lead to lower prices B) short run; raise total demand and output C) long run; raise total demand and output D) short run; decrease total demand and output
The exclusive rights of ownership that allow the use, transfer, and exchange of property are called
A) common property rights. B) private property rights. C) externalities. D) social benefits.
The ease with which an asset can be converted into a medium of exchange is known as:
a. volatility. b. liquidity. c. currency. d. Gresham's Law. e. speculative exchange.