Which of the following statements about the principles of economics is? false?
A. An investor selecting and investing in a stock or a combination of stocks that always earns him? 15% returns on his investment is an example of optimization.
B. Based on the sales of last three? years, a shopkeeper infers that the higher the discount offered on goods the higher will be its demand. This is an example of empiricism.
C. Five mobile operators selling mobile phones at the same price in a city is an example of equilibrium.
D. A chess player selecting his best moves to win the chess tournament is an example of optimization.
A. An investor selecting and investing in a stock or a combination of stocks that always earns him? 15% returns on his investment is an example of optimization.
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If a minimum wage law is passed imposing a price floor above the equilibrium price of unskilled labor:
a. the quantity of unskilled labor demanded will exceed the quantity of unskilled labor supplied. b. the quantity of unskilled labor supplied will equal the quantity of unskilled labor demanded. c. the quantity of unskilled labor supplied will exceed the quantity of unskilled labor demanded. d. the demand for unskilled labor will decrease.
A pack of chocolates purchased by Monica from a shop is an example of a _____
a. merit good b. club good c. public good d. private good
A technically efficient method of production produces a given level of output at the lowest possible cost.
Answer the following statement true (T) or false (F)
In many less-developed countries, per capita GDP falls even though real GDP rises, because:
a. output grows at a slower rate than the population. b. the GDP measures in developing countries are always inaccurate. c. consumption spending exceeds investment spending. d. these countries face an acute trade deficit. e. prices increase faster than an increase in actual output level.