Sir Isaac Newton's development of the theory of gravity after observing an apple fall from a tree is an example of
a. a controlled experiment that lead to the formulation of a scientific theory.
b. being in the right place at the right time.
c. an idea whose time had come.
d. the interplay between observation and theory in science.
d
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List and briefly describe the five factors of production
What will be an ideal response?
If the U.S. imposes a tariff on autos to prevent the Korean imports from freely entering the U.S. market, which of the following is most likely to occur?
A. The price of autos to U.S. consumers would rise, and the demand for U.S. wheat exports would increase. B. The price of autos to U.S. consumers would fall, and the demand for U.S. wheat exports would decrease. C. The price of autos to U.S. consumers would fall, and the demand for U.S. wheat exports would increase. D. The price of autos to U.S. consumers would rise, and the demand for U.S. exports would decrease.
Suppose two companies, Macrosoft and Apricot, are considering whether to develop a new product, a touch-screen t-shirt. The payoffs to each of developing a touch-screen t-shirt depend upon the actions of the other, as shown in the payoff matrix below (the payoffs are given in millions of dollars). 
Which of the following statements is correct?
A. Apricot's dominant strategy is to develop a touch-screen t-shirt. B. Apricot's dominant strategy is to not develop a touch screen t-shift. C. Apricot does not have a dominant strategy. D. Apricot's dominant strategy is to develop a touch-screen t-shirt if Macrosoft does not.
When the price of a normal good falls, consumers buy a larger quantity because of the ________ effect and the ________ effect
A) substitution; income B) normal; inferior C) substitute; complement D) supply; demand