The scientific method is more difficult for economists than, say, chemists, because:
A) controlled laboratory conditions are more problematic in economics.
B) it is difficult to hold other factors that may affect the variables being studied constant in economics.
C) economic conditions may change quickly and unexpectedly.
D) all of the above.
Ans: D) all of the above.
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The real output of the economy under conditions of full employment
A) is long-run aggregate demand. B) is long-run aggregate supply. C) happens only when there is no inflation. D) is determined by the real-balance effect.
Which of the following is not a consequence of minimum wage laws?
A) Employers will be reluctant to offer low-skilled workers jobs with training. B) Some workers benefit when the minimum wage is increased. C) Producers have an incentive to offer workers non-wage benefits such as health care benefits and convenient working hours rather than a higher wage. D) Low-skilled workers are hurt because minimum wage reduces the number of jobs providing low-skilled workers with training.
A majority of the world's exports are exported to
a. small countries b. less-developed countries c. poor countries d. industrially-developed countries e. the United States
Which statement is false?
A. The National Football League is a monopsony. B. The National Education Association is the largest union in the U.S. C. Unions have two basic ways of exerting power: inclusion and exclusion. D. The most important collective bargaining weapon of employers is the threat of a lockout.