Supply and demand are examples of
A. outdated economic theories.
B. a primary source of disagreement among economists.
C. technological advances.
D. the tools of economics.
Answer: D
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Whether or not people have identical tastes, the net value that the marginal user receives from a common property is
a. positive. b. zero. c. negative. d. uncertain.
Why are the actions of the firms in an oligopoly interdependent?
Draw a long-run average cost curve that first exhibits increasing returns to scale (economies of scale), then constant returns to scale, and finally decreasing returns to scale (diseconomies of scale). Label each region
Which of the following statements about the CPI and the GDP deflator is TRUE?
A. The CPI measures the price level; the GDP deflator measures the production of an economy. B. The CPI refers to a base year; the GDP deflator always refers to the current year. C. The weights given to prices are not the same. D. The GDP deflator takes the price of imported goods into account; the CPI does not.