From the mid-1980s until late 2007, many world economies became less volatile because of:
a. sound macroeconomic policies
b. several structural change that made the economies more flexible
c. good luck
d. All of the above.
e. a through c only
d
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Decision making that seeks only solutions that are acceptable is called
A. optimizing. B. satisficing. C. benchmarking. D. maximizing.
The Coase Theorem suggests that under its assumption, the efficient solution to an externality problem: a. depends on who owns property rights to the resources
b. is enhanced by government involvement in the negotiations. c. can be enhanced through the use of taxes. d. does not depend on the distribution of property rights.
In 1971, a bank worker could process 265 checks in 1 hour. Currently, computers with built-in reader-sorter processing capacity have pushed that number above 100,000 checks per hour. Economists describe this type of activity as
A. the exploitation of labor. B. an increase in labor productivity. C. the displacement of labor. D. the effects of comparative advantage. E. the mutual gains received through voluntary trade.
The scientific method is:
A. not applicable to economics because economics deals with human beings. B. also known as the economic perspective. C. analysis that moves from broad generalizations called laws to theories and then to hypotheses. D. used by economists and other social scientists, as well as by physical scientists and life scientists, to formulate and test hypotheses.