If the Surgeon General announces that colas cause cancer then we would expect
A. the demand for cola will stay the same.
B. the demand for cola will shift right.
C. the demand for cola will shift left.
D. one cannot tell.
Answer: C
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Provide two examples of economics being used as a tool by each of a student, a business, and a government. Classify your examples as dealing with microeconomic topics and macroeconomic topics
What will be an ideal response?
Economists use the term capital to describe that factor of production that includes human-made resources such as factories, buildings, machinery and tools
a. True b. False Indicate whether the statement is true or false
Which of the following observations concerning poverty rates in America is true?
a. Major increase in poverty in the decade from 1963 to 1973. b. It hit an all-time low by 1983. c. The economic boom of the 1990s restored it almost to its 1970s levels. d. It decreased from 2007 to 2009.
The differences between a competitive market and a monopoly include all of these except
A. excess profits would be competed away in a competitive market, but persist in a monopolistic market. B. a competitive market would work toward production of the quantity consumers seek, while a monopolistic market may restrict output to raise short term prices. C. a competitive market’s cost curves will shift with the market, while a monopoly’s cost curves will remain stable. D. a competitive market would work toward production of the quantity consumers seek, while a monopolistic market may restrict output to raise long term prices.