A set of ideas about the economy that have been organized in a logical framework is called
A. economic theory.
B. data development.
C. empirical analysis.
D. a methodology.
Answer: A
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When a firm adopts new technology, generally its
A) cost curves shift upward. B) cost curves shift downward. C) cost curves are unaffected. D) supply curve shifts leftward. E) production permanently decreases.
In perfect competition, ________
A) there are restrictions on entry into the market B) firms in the market have advantages over firms that plan to enter the market C) only firms know their competitors' prices D) there are many firms that sell identical products
What are the effects of an expansionary fiscal policy on interest rates and output in an open economy with floating exchange rates?
What will be an ideal response?
If an individual prefers X to Y and prefers Y to Z then the consumer must also prefer X to Z. This property is called:
A. transitivity. B. completeness. C. the ranking principle. D. the choice principle.