Another term for "economic models" is
A) economic systems.
B) economic theories.
C) economic science.
D) economic institutions.
B
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Joann has just lost her job because her company was faced with more foreign competition and decided to restructure, which reduced the number of jobs at the company. Joann is
A) cyclically unemployed. B) internationally unemployed. C) structurally unemployed. D) transported unemployed. E) frictionally unemployed.
Achieving both environmental quality and economic prosperity is
a. represented at all points along the Kuznets Curve b. a view supported by the Nobel Laureate, Robert Solow c. the overall goal of sustainable development d. strictly a short-term objective
Because many good substitutes exist for a competitive firm's product, the demand curve that it faces is
a. unit-elastic. b. perfectly inelastic. c. perfectly elastic. d. inelastic only over a certain region.
When a lack of information exists for parties to a deal:
A. it is always worth getting more information before making a decision. B. an exchange will never happen. C. the cost of acquiring information sometimes is prohibitive and not worth it. D. the exchange will always happen anyway, with little chance of maximizing surplus.