Which of the following is a property of a good economic question?
A) A good economic question should never incorporate elements from disciplines other than economics.
B) A good economic question should always have a single solution.
C) A good economic question can be answered.
D) A good economic question always addresses topics that are important to the whole society and not to an individual economic agent.
C
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Suppose the equilibrium price of movie tickets is $10. If the supply curve for movies shifts ________, the equilibrium price will ________
A) rightward; decrease B) leftward; decrease C) rightward; increase D) leftward; not change E) rightward; not change
Which of the following is not one of the theories that have emerged as alternatives to the HO model?
A) The human skills theory. B) The product life cycle theory. C) The similarity of preferences theory. D) All of the above have been suggested as alternatives to the HO model.
The intuition behind the budget constraint is that
A) more options are preferred to less. B) money is the root of all happiness. C) information is power. D) scarcity is avoidable with prosperity.
Core competency implies:
A) a firm produces one single product. B) a firm hires only one type of employee. C) a firm focuses on only one type of customer. D) a firm does one thing better than it does other things. E) a firm must be competent at its core - its executive level.