An introductory course in economics should allow a student to
A. turn into an economist.
B. develop solutions to most social problems.
C. answer all complex social questions.
D. make rational decisions.
E. All of these responses are correct.
Answer: D
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The demand equation for the Widget Company has been estimated to be:
Q = 20,000 + 10 I - 50P + 20 PC where Q = monthly number of widgets sold, I = average monthly income, P = price of widgets, and PC = average price of competing goods. a. If next month's income is forecast to be 2,000, the price of competing goods is forecast to be $20, and the price of widgets will be set at $30, forecast sales. b. What will sales be if the price is dropped to $20?
If a union insists that the employer hire only union members, this is called a
a. union shop b. monopsony c. monopoly d. open shop e. closed shop
How does a tax cut affect the expenditure schedule?
a. It causes movement to the left along the schedule. b. It causes the schedule to shift upward. c. It causes movement to the right along the schedule. d. It causes the schedule to shift downward.
Monopolistic competition differs from perfect competition primarily because in
A. monopolistic competition, there are relatively few barriers to entry. B. perfect competition, firms can differentiate their products. C. monopolistic competition, entry into the industry is blocked. D. monopolistic competition, firms can differentiate their products.