Economics is the study of
A) the role of money in markets.
B) how government officials decide which goods and services are produced.
C) how society uses limited resources.
D) how to invest in the stock market.
C
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What is a good argument for using the model of the consumer despite the fact that it requires making many simplifying assumptions?
A) It is complex to solve. B) The assumptions are sometimes realistic. C) It explains observed patterns of behavior. D) It is used in many scholarly fields.
In the market for insurance, the adverse selection problem leads a. those most likely to collect on insurance to buy it
b. those who buy insurance to take fewer precautions to avoid the insured risk. c. those with less insurance to take on more risk. d. to none of the above.
Whether or not a reduction in the budget deficit is a pro-growth measure depends on how the budget deficit shrinks
a. True b. False
A patent is used to
a. disseminate information. b. offset the negative effects of taxes. c. protect inventors for as long as they live. d. assign property rights.