An economic naturalist is someone who:
A. studies the process of natural selection in a cost-benefit framework.
B. has an innate talent for using economic concepts.
C. applies economic insights to understand everyday life.
D. uses economic arguments to protect the environment.
Answer: C
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Refer to the above figure. Suppose that Cheerios and Apple Jacks are substitutes. Which diagram shows the effect on the demand for Cheerios when the price of Apple Jacks cereal has increased?
A) A B) B C) neither graph D) both graphs
Which of the following factors makes the official unemployment rate an overstatement of the actual level of unemployment in the economy?
a. Inclusion of discouraged workers b. Inclusion of those only working part time c. Inclusion of those who are overqualified for their current jobs d. Inclusion of those who are marginally attached to the labor force e. Inclusion of those who pretend to look for work in order to qualify for welfare programs
Which of the following are complementary goods?
A) sport utility vehicles and gasoline B) butter and margarine C) white wine and red wine D) trucks and sedans
(Advanced analysis) Kara has $2,000 to invest today that she wants to grow to $3,000 in five years. What annually compounded rate of interest would she have to earn to reach her goal?
A. 4.6 percent. B. 6.5 percent. C. 8.4 percent. D. 9.3 percent.