The author of the textbook defines economics as the
A) science of efficiency.
B) science of scarcity.
C) study of markets.
D) study of human activity.
B
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Firm's should raise the price of their goods
a. If the demand for the product is elastic b. If it acquires a firm selling a complement good c. If it acquires a firm selling a substitute good d. Both a and c
As the economy recovered from the 2008-2009 recession during 2010-2013 the employment/population ratio
a. rose sharply during the expansion. b. remained well below the rates achieved prior to the recession. c. remained well above the rates achieved prior to the recession. d. rose even though the labor force participation rate was declining.
Government intervention is always preferable to doing nothing when reducing the social inefficiencies of monopoly
a. True b. False Indicate whether the statement is true or false
Economists develop models to
A) capture every detail of the real world. B) make their arguments more realistic. C) justify the assumptions they make about people's behavior. D) help us understand economic phenomena in the real world.