Ceteris paribus means
A. "other things being constant."
B. "all variables are independent."
C. "some theories are not rational."
D. "some assumptions are unrealistic."
Answer: A
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Refer to the table above. If the world price of trousers is $5 per pair, then which of the following statements is true?
A) All the four countries will import trousers. B) All the four countries will export trousers. C) Country A and Country D will export trousers, whereas Country B and Country C will import trousers. D) Country B and Country C will export trousers, whereas Country A and Country D will import trousers.
Property rights and a strong titling system are seen as important to economic development because they allow:
A. loans to be taken out against the equity of their assets, increasing investment. B. loans to be taken out without risk, increasing the quality, not quantity, of investment. C. savers to invest in property and capital. D. agencies with authority to verify titling to thrive in the economy.
An “optimally imperfect” decision is one that
A. is vaguely right instead of precisely wrong. B. recognizes that the decision could always be better if given more time. C. recognizes that the cost of additional information probably exceeds the potential gain from making a better decision. D. recognizes that any decision is imperfect because humans have limited intellectual capacities.
(Last Word) In a cap-and-trade program:
A. government fixes the price of pollution rights and firms choose how many permits to purchase. B. government fixes the maximum amount of a pollutant that firms can discharge and issues permits that firms can buy from and sell to each other. C. each firm is provided a fixed number of permits for a particular pollutant and no individual firm is allowed to acquire additional permits. D. firms can emit whatever type of pollutant they want, so long as the total tonnage does not exceed a government-established quantity.