Refer to Figure 4-1. What is the total amount that Arnold is willing to pay for 3 burritos?
A) $1.50 B) $6.00 C) $7.00 D) $10.00
B
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When economists speak of full employment, they refer to the case in which the sum of frictional and structural unemployment is
A) falling over time. B) equal to zero. C) equal to the actual amount of unemployment. D) greater than the level of deficient demand unemployment.
The scientific method is useful
a. only in fields of science such as chemistry and physics b. for testing the validity of theoretical predictions c. for testing the validity of a model's assumptions d. when no economic variables can be assumed to be constant e. only if a theory has been proven to be true
Which of the following most accurately states the economic significance of voluntary exchange? Select one:
a. Goods and services have value because they exist; exchange causes some people to win while others lose. b. Exchange creates value by permitting trading partners to expand total output as the result of specialization and division of labor. c. Exchange moves goods and services from people who value them more to parties who value the goods less. d. Exchange can not create additional value because no new goods or services are produced
What cause Production possibilities curve to shift?
What will be an ideal response?