Economists attempt, with moderate success, to perform controlled experiments making policy analysis helpful.
A. True
B. False
C. Uncertain
A. True
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Assume consumer demand for CD-ROMs increases. The result is a(n):
a. increase in derived demand for workers in the CD-ROM industry. b. increase in the marginal revenue product of firms in the CD-ROM industry. c. rightward shift in the market demand for labor curve in the CD-ROM industry. d. all of these. e. none of these.
The market value of all final goods and services produced in the economy in a given year is:
(a) Consumer price index. (b) Circular flow of income. (c) Personal income. (d) Gross domestic product.
The "new growth theory" focuses on the sources of technological change.
a. true b. false
Which of the following best describes a "how much" decision?
a. should i drive to work or ride by bike? b. Should I rent a movie or watch a baseball game on television? c. Should I attend graduate school or immediately enter the labor force? d. should I buy a third hot dog?