Which of the following is the best definition of economics?
a. An investigation of the quantities and prices of the various goods produced by the nations of the world.
b. A study of why inflation and unemployment periodically plague the U.S. economy.
c. An analysis of how individuals and societies deal with the problem of scarcity.
d. An examination of the role that money plays in the economy.
e. A study of how goods and services are distributed throughout the world.
C
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Refer to the scenario above. If each bidder uses his/her dominant strategy, who will get the good being auctioned?
A) Tom B) Pat C) Arthur D) Julie
Use the above figure. This graph is known as
A) the Laffer curve. B) the short-run Phillips curve. C) the NAIRU relationship. D) the Keynesian curve.
A sub-prime loan is a loan extended to borrowers
a. at a subsidized interest rate below the prime rate normally offered to the most creditworthy borrowers. b. with blemished credit or limited documentation of their income, employment history, and other indicators of credit worthiness. c. seeking a 30-year, fixed rate mortgage. d. who have a FICO score above 660.
Which of the following pairs of goods includes a good that is excludable and rival in consumption as well as a good that is excludable and not rival in consumption?
a. pizza, cable TV b. pair of pants, clean air c. clean air, mathematical theorem d. basic research, fireworks display