According to the textbook, economics is a:
A) social science.
B) study of business decisions, not social decisions.
C) part of operations and management science.
D) part of humanities.
Ans: A) social science.
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Ramen noodles are a staple food item for many college students. Ramen noodles are very inexpensive, easy to prepare, and can be combined easily with other foods. After students graduate, find employment, and earn a higher income, they decrease their Ramen noodle purchases significantly. In this case, Ramen noodles are
A) a normal good. B) an inferior good. C) a complement for higher income people. D) a substitute good. E) None of the above answers is correct.
Which of the following is a direct implication of the view that childbearing is an economic decision?
(a) People will not have additional children unless they can earn a profit from doing so. (b) Social factors have no effect on childbearing decisions. (c) Compulsory education will increase fertility because educated children have the potential to earn higher salaries. (d) Fertility should fall with improved opportunities for women to work in jobs outside the home.
Suppose Iceland goes from being an isolated country to being an exporter of coats. As a result,
a. consumer surplus increases for consumers of coats in Iceland. b. producer surplus increases for producers of coats in Iceland. c. total surplus remains unchanged in the coat market in Iceland. d. it is reasonable to infer that other countries have a comparative advantage over Iceland in coat production.
In the graph shown, an upward shift in the WAS curve:
A. lowers the trade deficit, because domestic producers are more competitive. B. raises domestic consumption, because domestic producers will produce more. C. lowers domestic production, because domestic consumption has fallen. D. raises globalized potential output, because U.S. producers are less competitive.