Using the scenario above what might the instructor do to avoid this same result?
What will be an ideal response?
He could announce that a grade of "F" will be given to everyone if the whole class has identical answers.
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What does Simon Kuznet's (1958) study on the U.S. economy show?
(a) Short swings in the U.S. business cycles but steady, stable growth in Real Gross Domestic Product (b) Immigrants to the U.S. were attracted by the secular increases in U.S. real wages and incomes (c) A decrease, not increase, in net U.S. migration from 1860 to 1910 (d) No movement in capital, only humans, across the Atlantic economy from 1860 to 1910
If the government removes a tax on a good, then the quantity of the good sold will
a. increase. b. decrease. c. not change. d. All of the above are possible.
Diminishing marginal returns implies
A) decreasing average variable costs. B) decreasing marginal costs. C) increasing marginal costs. D) decreasing average fixed costs.
If the price of a normal good is measured along the vertical axis and its quantity along the horizontal axis, an increase in the price of the good will lead to
A. an upward movement along the demand curve. B. a rightward shift of the demand curve. C. a downward movement along the demand curve. D. a leftward shift of the demand curve.