Keynesians:
A. generally favor laissez-faire policies.
B. believe that frictional unemployment does not exist.
C. believe that all unemployment is cyclical unemployment.
D. generally favor activist government policies.
Answer: D
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Refer to Table 1-1. Using marginal analysis, how many hours should Eva extend her bakery's hours of operations?
A) 2 hours B) 3 hours C) 4 hours D) 5 hours E) 6 hours
Economists have used the ultimatum game and the dictator game in experiments designed to determine
A) whether consumers believe it is fair for producers to raise the price of a product for which there is excess demand. B) whether consumers understand the difference between implicit costs and explicit costs. C) whether consumers understand the rule of equal marginal utility per dollar spent. D) whether consumers care about fairness when they make decisions.
An internal economies of scale is defined as
A) one whose size or scale effects are not located in the firm, but in the industry. B) one with falling costs over a specific level of output. C) one with falling costs over a relatively large range of output. D) one with falling costs over a relatively large range of output, but definite declining profits.
Since resources are abundant, we do not have to make choices about their use
a. True b. False Indicate whether the statement is true or false