Who answers the key economic questions in a centrally planned government?
(A) Government
(B) Firms
(C) Consumers
(D) Households
Ans: (C) Consumers
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The figure above shows the marginal revenue, marginal cost, and demand curves for an airline offering daily flights between Los Angeles and Toronto
If the airline is regulated using a marginal cost pricing rule ________ flights will be offered each month at a price of ________ per flight. A) 200; $300 B) 200; $100 C) 300; $200 D) 400; $100
The Malthusian model performs poorly in explaining economic growth after the
A) French Revolution. B) American Revolution. C) Industrial Revolution. D) Bio-technology Revolution.
When someone tells you they made $17,000 in 1970:
A. it is difficult to tell from that number if the person was well off or not, because prices have changed so much since then. B. the income should be adjusted into current dollars to clearly understand what that salary is "worth" in terms of purchasing power. C. it is a nominal figure that is hard to understand. A real figure would be more helpful. D. All of these statements are true.
It is difficult for economists to make observations and develop theories, but it is easy for economists to run experiments to generate data to test their theories
a. True b. False Indicate whether the statement is true or false