According to your text, many people don't understand how economic systems work because they
A) are too lazy to study them.
B) don't think economic systems matter greatly.
C) tend to look at them when they are not performing adequately.
D) prefer to believe what they read or hear in the media.
E) have not been trained in the scientific way of thinking.
C
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What is meant by tax incidence? Is the entire burden of the tax always borne by those on whom it is imposed?
What will be an ideal response?
In order for a price ceiling to "bind," it:
A. must be set above the equilibrium price, and will likely cause a shortage. B. must be set below the equilibrium price, and will likely cause a shortage. C. must be set above the equilibrium price, and will likely cause a surplus. D. must be set below the equilibrium price, and will likely cause a surplus.
Which of the following bonds has the highest interest rate?
a. a high credit risk and a short term. b. a low credit risk and a short term. c. a long term and a high credit risk. d. a long term and a low credit risk.
The Dow Jones Industrial Average has been computed regularly since
a. 1976. b. 1948. c. 1913. d. 1896.