The scientific method is
a. the use of modern technology to understand the way the world works.
b. the use of controlled laboratory experiments to understand the way the world works.
c. the dispassionate development and testing of theories about how the world works.
d. the search for evidence to support preconceived theories about how the world works.
c
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If the marginal utility of apples exceeds the marginal cost of producing apples, then in a free market production of apples will ____, with the likely result that marginal utility will ____.
A. rise; fall B. fall; rise C. rise; rise D. fall; fall
Which of the following would increase labor productivity?
a. A labor deepening production method b. A decrease in the amount of capital per unit of labor c. A lower unemployment rate d. Recruitment of new and young labor force e. An increase in the education level of per unit of labor
If whole tomatoes were money, which of the following functions of money would be the hardest for tomatoes to satisfy?
A) unit of account B) store of value C) certificate of gold D) medium of exchange
If a product provides a positive externality, a duopoly
A) will provide more social welfare than a monopoly. B) will provide less social welfare than a monopoly. C) will provide the same social welfare as a monopoly. D) introduces an interesting and untested twist to the externality story.