When economists want to hold a number of factors constant, they are demonstrating which of the following expressions?
A. Positive economics model.
B. Consumer sovereignty.
C. Ceteris paribus.
D. Normative economics.
Answer: C
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According to the Bureau of Labor Statistics, a person who is self-employed is considered
A) unemployed. B) employed. C) not in the labor force. D) a discouraged worker.
Which explains why supply curves slope upward to the right?
A) Sunk costs B) Decreasing average costs C) Increasing marginal costs D) Multiple per-unit costs
Other things equal, the demand for a good tends to be more inelastic when
a. there are fewer available substitutes. b. a longer time period is considered. c. the good is considered a luxury good. d. the market for the good is more narrowly defined.
The shortsightedness effect suggests that benefits, especially when the costs of the projects are difficult to identify and are observable only in the distant future.
What will be an ideal response?