According to chapter 1 in your textbook, while economic theory offers a biased perspective on social phenomena,
A) it deserves our confidence, but only when it is confined to the monetary or financial sector of society.
B) it is useless to anyone who rejects the free market system.
C) it is nonetheless worth learning.
D) it is superior to all the other social sciences.
C
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Which of the following characterize a firm in monopolistic competition in the long run?
i. operating at the minimum efficient scale ii. markups of price over marginal cost iii. zero economic profit A) i and ii B) i and iii C) ii and iii D) i, ii, and iii E) only ii
A decrease in price:
A. causes a decrease in total revenue due to the quantity effect. B. causes an increase in total revenue due to the price effect. C. does not cause a quantity effect when demand is perfectly inelastic. D. does not change quantity demanded if demand is elastic.
By the legal definition of unemployment, a person who has quit his job to take care of his children full time is
A. unemployed. B. not in the labor force. C. in the labor force. D. employed.
The current world exchange rate system is usually described as an adjustable peg system.
Answer the following statement true (T) or false (F)