Economics is
a. a discipline in the physical sciences
b. a field that deals exclusively with normative issues
c. a field that deals exclusively with positive issues
d. only useful for examining behavior in capitalist economies
e. a discipline that focuses on how choices are made in society
E
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If the demand curve for a life-saving medicine is perfectly inelastic, a reduction in supply will cause the equilibrium price to: a. rise and the equilibrium quantity to fall
b. rise and the equilibrium quantity to stay the same. c. rise and the equilibrium quantity to rise. d. stay the same and the equilibrium quantity to fall.
According to the marginal approach to profit maximization, firms should increase output as long as total revenue is rising
a. True b. False
For the U.S. economy, money holdings are a
a. large part of household wealth, and so the interest-rate effect is large. b. large part of household wealth, and so the wealth effect is large. c. small part of household wealth, and so the interest-rate effect is small. d. small part of household wealth, and so the wealth effect is small.
Universities A and B are substitutes in the minds of many college students. Initially the student tuition at each university is the same and far below the equilibrium tuition. Then, the tuition at A is raised and B is not. As a result of a rising tuition at A, some students who would have applied and enrolled in A, apply to B instead. Based on the logic presented in one of the theories discussed
in the textbook, we would expect that A) instructors at B will begin to be less nearly punctual for office hours than they were previously. B) instructors at A will begin to be more nearly punctual for office hours than they were previously. C) instructors at B will be more nearly punctual for office hours than they were previously. D) a and b E) b and c