Which of the following is not correct?
a. Economists use some familiar words in specialized ways.
b. Economics has its own language and its own way of thinking, but few other fields of study do.
c. Supply, demand, elasticity, comparative advantage, consumer surplus, and deadweight loss are all terms that are part of the economist's language.
d. The value of the economist's language lies in its ability to provide you with a new and useful way of thinking about the world in which you live.
b
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Refer to the scenario above. If the first household pays 20% of its income as tax,
the second household pays 17.5% of its income as tax, the third household pays 13% of its income as tax, and the fourth household pays 10% of its income as tax, income taxes are ________ in nature. A) progressive B) regressive C) cardinal D) ordinal
In Figure 3-5 above, saving is zero at
A) point J. B) point K. C) point L. D) none of the above because saving is never equal to zero under the conditions described in the graph.
If external costs are included and added to a firm's private costs, then
A) the demand curve will shift to the right. B) the demand curve will shift to the left. C) the supply curve will shift to the right. D) the supply curve will shift to the left.
Which of the following is most likely to be a normal good?
a. trips to the laundromat b. macaroni-and-cheese dinners c. tickets to major league baseball games d. bus rides e. used paperback books