If we were to examine the economic record of the former Soviet Union and China during the 1980s, we could reasonably conclude that
A. China was successful and the Soviet Union was not.
B. The Soviet Union was successful and China was not.
C. Both the Soviet Union and China were successful.
D. Neither China nor the Soviet Union were successful.
A. China was successful and the Soviet Union was not.
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Presently, GDP is ________ to compensate for the costs of environmental damage
A) adjusted on a chain-weight basis B) partially adjusted C) not adjusted D) fully adjusted
The classic example used to discuss the problem of adverse selection is:
A. fruit and produce markets, such as lemons. B. workers who shirk when their effort isn’t closely monitored. C. the imbalance of information that exists between a buyer and seller of a used car. D. drivers with insurance who tend to drive more recklessly.
Causation and Correlation are generally the same thing.
A. True B. False C. Uncertain
If economists are making the assumption that business people try to maximize profits, the best way to determine whether this assumption is useful or not is to
A) see whether it generates accurate predictions about the choices of business people. B) ask business people whether it is true or not. C) find out whether U.S. businesses are more profitable than European businesses. D) take a survey of people and see if they agree with this assumption.