Related to the Economics in Practice on page 10: A study on the effect of roommates on college grades found that there were strong roommate effects on grade point average, effort in school, and fraternity membership. Which of the following is an example of a normative statement concerning this study?
A. The effects of roommates on fraternity membership are strong.
B. The effects of roommates on effort in school are strong.
C. The effects of roommates on grade point average are strong.
D. In order to maintain a high grade point average, students should only choose roommates who have a high grade point average.
Answer: D
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According to the Coase theorem, if private parties can bargain without cost, then the private market will solve the problem of externalities
a. True b. False Indicate whether the statement is true or false
Use the following table to answer the question below.Dave's Production Possibilities ScheduleSimon's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160080201204060408080406040120208001600Dave's opportunity cost of producing 1 pound of corn is ________ pound(s) of green beans. Simon's opportunity cost of producing 1 pound of corn is ________ pound(s) of green beans.
A. 2, 1 B. 1, 2 C. 2, 1/2 D. 1/2, 2
What has happened to resource prices in the twentieth century and what do they reveal about resource scarcity?
What will be an ideal response?