Which of the following statements uses the term ceteris paribus correctly?
A) In economics, there are numerous theories, ceteris paribus.
B) New York City is a major American city, ceteris paribus.
C) The price of pineapples is low in Hawaii, ceteris paribus.
D) The more ice cream you eat, the more weight you will gain, ceteris paribus.
E) none of the above
D
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In the 1937-1938 economic downturn
A. the number of unemployed rose dramatically by about 5 million. B. industrial production fell by 30 percent. C. presidential as well as Federal Reserve policy helped to cause the decline. D. All of the choices are true.
In the long run, a single-price monopolist will
A) make zero economic profit. B) be able to continue to make an economic profit as long as there is a barrier to entry. C) end up being regulated by the government because it is making short-run economic profits. D) Both answers A and C are correct.
Which of the statements below best illustrates the use of the market process in determining the allocation of scarce resources?
A) "Let's make this product because this is what we know how to do best." B) "We should consider shifting to products where we can earn even more money." C) "Everyone is opening video stores, why don't we?" D) "We can't stop making this product. This product gave our company its start."
c. They save consumers time and mental processing power.
a. irrational b. lack of c. marginal d. total