Those who say that economics is becoming an increasingly imperialist social science are suggesting that economics is
A) becoming increasingly concerned with corporations rather than small businesses.
B) becoming increasingly focused on government actions rather than on business activity.
C) spreading out into other fields of study, such as history, anthropology, and sociology.
D) becoming increasingly focused on business activity rather than on government actions.
C
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If shortages or surpluses exist in a market, what helps guide the market back to equilibrium?
a. the invisible hand of competition b. the visible hand of government c. economic conservatives d. economic liberals
What is the Coase Theorem? What are transaction costs?
Suppose that the inflation rate was 4 percent in 2002 and 3 percent in 2003 . This would mean that
a. the price level fell from 2002 to 2003 b. the price level fell at a faster rate in 2003 than in 2002 c. the price level rose at a faster rate in 2003 than in 2002 d. the price level rose at a slower rate in 2003 than in 2002 e. all prices in the economy rose at a rate of 3 percent in 2003
Which of the following is not a characteristic of a public good?
a. It requires resources to produce. b. It is not diminished or depreciated as additional people consume the good. c. Its benefits cannot be withheld from anyone. d. It is a free good. e. It generates value (benefits) to more than one person.