Why would an economist claim that "oil comes out of our minds"?
A) She wants to sound silly.
B) She wants to tell lies.
C) She wants to remind us that the recognition of useful resources is a product of our mental abilities.
D) She wants to sound like a really big and important theorist and could not care less about the facts of the real world.
C
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Classical economists assumed that
A) wages were inflexible. B) individuals suffered from money illusion. C) prices were sticky. D) none of the above.
Necessary conditions for price discrimination include: a. identical tastes among buyers
b. differences in willingness to pay among customers. c. easy resale. d. both (b) and (c)
When the Consumer Price Index falls from 110 to 100
a. there is inflation of 9.1% and the value of money decreases. b. there is deflation of 9.1% and the value of money increases. c. there is deflation of 10% and the value of money increases. d. there is inflation of 10% and the value of money decreases.
Jose has one evening in which to prepare for two exams and can employ one of two possible strategies: The opportunity cost of receiving a 92 on the statistics exam is __________ points on the economics exam.
 ANSWER 4.png)