Give an example of how economics can be used in either a marriage, politics, or education.
What will be an ideal response?
Should show a thorough understanding of how economics can be used in one of these areas. For example, in a marriage, a couple could create a budget that helps them make choices to deal with scarcity: the fact that their income cannot cover all the things they want. For politics, politicians need to determine state and federal budgets and policy decisions such as how much to tax. For education, school leaders also deal with scarcity by having to make budgetary choices because they don’t have enough funds for all the classes and programs that students and parents want.
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Important factors that change the demand for dollars and hence shift the demand curve for dollars include which of the following?
I. interest rates around the world II. the current exchange rate III. the expected future exchange rate A) I and II B) I and III C) II D) I, II, and III
Which of the following sequences best describes the five necessary steps to develop an economic model in the correct order?
A) (1): Identify the endogenous variables; (2): identify the exogenous variables; (3): develop a model; (4): compare the model with the data; (5): conduct prediction and policy analysis. B) (1): Develop a model; (2): identify the exogenous variables; (3): identify the endogenous variables; (4): compare the model with the data; (5): conduct prediction and policy analysis. C) (1): Conduct prediction and policy analysis; (2): develop a model; (3): identify the endogenous variables; (4): identify the exogenous variables; (5): compare the model with the data. D) (1): Conduct prediction and policy analysis; (2): compare the model with the data; (3):identify the endogenous variables; (4): identify the exogenous variables; (5): develop a model. E) none of the above
The conclusion that a monopoly results in lower output and higher prices than perfect competition relies on the assumption that
A) the demand curve for a monopoly is horizontal. B) consumers are ignorant of the effects of monopoly. C) the costs of production are the same whether the industry is perfectly competitive or a monopoly. D) elasticity of demand varies along the market demand curve.
Transfer pricing is used by moving companies
Indicate whether the statement is true or false