Economics: A Social Science
What will be an ideal response?
Economics is considered to be one of the core social sciences, along with psychology, sociology, anthropology, and political science. A social science is the scientific study of human society and social relationships.
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Barylia is an economy with extractive institutions such as the absence of private property rights and high tax rates. Is it guaranteed that Barylia will always experience no growth or negative growth? Why or why not?
What will be an ideal response?
If a consumer has a choice between only two goods and both of them are perfect complements what would the indifference curve look like and why?
What will be an ideal response?
In the figure above, one factor NOT responsible for the decline in the demand for money is
A) a decline the price level. B) a decline in income. C) an increase in income. D) a decline in the expected inflation rate.
The distribution of income in a market economy is primarily determined by differences in
a. effort and sacrifice and intelligence with the most important factor being intelligence since human capital is a resource b. the level of needs of the average or median income individual when selling her labor c. resource ownership and the value that resources buyers place on the resources that are sold in the marketplace d. the level of government intervention in the economy as it relates to job openings e. the amount of time that an individual spends working and the intensity of this effort