When the unemployment rate rises, college enrollment increases because workers seek to expand training. This is an example of:
A. correlation and causation.
B. a negative correlation.
C. normative economics.
D. macroeconomics.
A. correlation and causation.
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Behavioral economists view the standard economic theory of decisions involving time as being too restrictive because people:
A. have lapses in self-control. B. make systematic errors in forecasting the future. C. are reluctant to abandon projects after incurring substantial sunk costs, despite low probabilities of success.
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. The workers in Country A should specialize in __________________ because they possess the ___________________ in the production of that good.
A. bananas; comparative advantage B. tomatoes; comparative advantage C. bananas; absolute advantage D. tomatoes; absolute advantage
Economic growth generally leads to
A. intensified disinflation. B. higher rates of deflation. C. higher rates of inflation. D. higher living standards.
Refer to the information provided in Figure 3.19 below to answer the question(s) that follow.
Figure 3.19Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply shifts from S1 to S2, the equilibrium price will change from ________ and the equilibrium quantity will change from ________.
A. $5.00 to $7.00; 10 to 7 B. $7.00 to $5.00; 7 to 10 C. $7.00 to $5.00; 7 to 4 D. $5.00 to $7.00; 4 to 7