Economics is
a. exclusively the study of the markets for stocks and bonds
b. the study of choice under conditions of scarcity
c. exclusively the study of business firms
d. fundamentally the same as sociology
e. applicable only when scarcity is not a problem
B
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Which of the following is true? Partial equilibrium analysis will
A) overstate the impact of a tax for both substitutes and complements. B) understate the impact of a tax for both substitutes and complements. C) understate the impact of a tax for complements and overstate the impact for substitutes. D) understate the impact of a tax for substitutes and overstate the impact for complements.
How do economies of scale result in barriers to entry into oligopoly models?
The balanced-budget multiplier is calculated as the government spending multiplier minus the tax multiplier
Indicate whether the statement is true or false
Competition among rent seekers results in
A) higher rents. B) firms earning normal profits. C) firms setting lower prices. D) lower costs. E) all competing firms earning an economic profit.