Which of the following is not correct?
a. Economists have two roles: scientist and policy adviser.
b. As scientists, economists develop and test theories to explain the world around them.
c. Economic policies rarely have effects that their architects did not intend or anticipate.
d. As policy advisers, economists use their theories to help change the world for the better.
Ans: c. Economic policies rarely have effects that their architects did not intend or anticipate.
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If the Citrus Growers Association grows $1 million worth of oranges, sells $500,000 worth of oranges to consumers, uses the rest to make orange juice that is sold to consumers for $3 million, Citrus Grower's contribution to GDP is:
A. $3,500,000. B. $500,000. C. $4,000,000. D. $1,000,000.
Any supplement to consumer spending that increases domestic aggregate output and income is called a leakage
Indicate whether the statement is true or false
As long as price exceeds AVC, the firm is better off
A) continuing production. B) closing. C) raising its price. D) cutting price.
Who decides control of a corporation?
What will be an ideal response?