Economists would most likely use which of the following to test a hypothesis?
a. using an exact control of variables to determine buying preferences
b. observing human behavior in a laboratory setting
c. using surveys to ask people about their buying preferences
d. observing human behavior in a retail store
d. observing human behavior in a retail store
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The problem arising in the used car market can be alleviated by
A. providing buyers with more complete information on the condition of a used car. B. sellers offering warranties. C. having third parties certify the condition of a used car. D. All of these statements are true.
Household savings rates:
A. were negative in China in 2014. B. were 49% in China in 2014. C. were fairly constant at about 8% in China from 2000 to 2010. D. have been roughly 10% for the last 30 years or so in China.
Despite the fact that gross savings in the U.S. has been declining, we have been able to invest billions of dollars to purchase additional plant and equipment because
A. the federal government balanced the budget. B. foreign savers made up the difference. C. the government ran a budget surplus. D. personal savings was over 10 percent.
Figure 6.5 illustrates the market for sugar. If sugar imports were banned, producer surplus in the market would be shown as area:
A. ABC. B. AEF. C. CBD. D. FEG.