Economists, like mathematicians, physicists, and biologists,
a. make use of the scientific method.
b. try to address their subject with a scientist's objectivity.
c. devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories.
d. All of the above are correct.
d
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The real-nominal principle states that
A) what matters to people is the face value of money or income. B) people respond more to explicit, or real, costs than to implicit costs. C) people respond more to implicit costs than to explicit costs. D) what matters to people is the purchasing power of money or income.
If the market equilibrium quantity is greater than the socially optimal quantity, one can infer that:
A. there is a positive externality associated with this good. B. the private demand curve for the activity is below the socially optimal demand. C. there is a negative externality associated with this good. D. the private supply curve for the activity is to the left of the socially optimal supply curve.
What is the natural rate of unemployment, and what types of unemployment constitute the natural rate of unemployment?
What will be an ideal response?
As the price of a good falls,
A. the consumer surplus rises. B. the consumer surplus falls. C. the consumer surplus may rise or fall. D. A change in price will not affect consumer surplus.