The American Revolution and Constitution represented the transition to "modern liberalism," or
(a) a strong emphasis on the role of government in providing for the welfare of the people and the regulation of business activities.
(b) an emphasis on free enterprise and competitive individualism and a limited role for government.
(c) an emphasis on public virtue and commitment to the welfare of the community or nation as a whole, and a de-emphasis on self-interest and profit-seeking behavior.
(d) an emphasis on laissez-faire and the absence of government laws.
(b)
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Analyzing the effect of minimum wage changes on teenage employment across the 48 contiguous U.S. states from 1980 to 2004 is an example of using
A) time series data. B) panel data. C) having a treatment group vs. a control group, since only teenagers receive minimum wages. D) cross-sectional data.
If the price of a good increases and the total revenue remains the same, the demand for the good is
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic.
Which of the following is true? I. A rational choice is always made in the pursuit of social interest. II. Economics is a social science. III. Economists try to understand how the economic world works by testing positive statements.
A. A rational choice is always made in the pursuit of social interest. B. ii and iii C. only i D. only ii E. only iii F. i and ii Reset Selection
The term frictional unemployment refers to persons who are out of work
A. due to technological change. B. due to strikes or lockouts. C. and have given up looking for work. D. because they are between jobs.