Which of the following cause-effect statements predicts an outcome that is uncertain?
a. If a car travels 62 miles in an hour, it will reach a city 58 miles away in less than an hour.
b. If the comet continues at its current speed, it will reach the earth’s atmosphere in two days.
c. If I write every day, I will become a best-selling novelist.
d. If I heat an ice cube, I’ll create water.
c. If I write every day, I will become a best-selling novelist.
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Assume that the demand curve for sunblock is linear and downward sloping. Which of the following statements about the slope of the demand curve for sunblock and the price elasticity of demand for sunblock are true?
A) The slope is constant, but the price elasticity of demand is not constant at all points along the demand curve for sunblock. B) The slope of the demand curve for sunblock is constant and equal to zero; demand is perfectly inelastic. C) The slope is not constant, but the price elasticity of demand is constant at all points along the demand curve for sunblock. D) The slope and the price elasticity of demand are constant at all points along the demand curve for sunblock.
A good that has external costs associated with its production will be
A) produced at the optimal level. B) underproduced. C) overproduced. D) not produced.
The more specialized labor becomes, the:
a. less likely it is that a double coincidence of wants will exist, and the less likely it is that monetary exchange will develop. b. less likely it is that a double coincidence of wants will exist, and the more likely it is that monetary exchange will develop. c. more likely it is that a double coincidence of wants will exist, and the less likely it is that monetary exchange will develop. d. more likely it is that a double coincidence of wants will exist, and the more likely it is that monetary exchange will develop. e. more likely it is that the individual is producing only what he or she wants to consume.