The law of demand
A) was passed by the 102nd U.S. Congress.
B) is a natural law, much like the law of gravity.
C) is considered a "law" in economics because of the overwhelming empirical evidence that supports its logic.
D) is considered a "law" in economics in order to force economic models to operate fully.
C
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The most accurate quantitative time measure is:
a. Self-report or diary method b. Recall method c. Observation method d. A combination of all of the above methods to allow for cross checks.
Deadweight loss is not the result of:
a. an efficient market. b. an inefficient market. c. zero consumer surplus. d. zero producer surplus.
An economics-based reason for unemployment is that people are who are unemployed are:
a. inherently lazy and have no desire to work. b. unable to remain employed for a long period of time. c. not willing to work at the current equilibrium wage. d. evolving and seeking to be more spiritual.
For real-world economies, the Gini coefficient lies between
a. 1 and 10 b. 0 and 100 c. 0 and 1 d. –1 and +1 e. 0 and infinity