Because it is generally difficult for economists to user experiments to generate data, what must they generally do?
a) do without data
b) use whatever data the world gives them
c) select a committee of economists to make up data for all economists to use
d) use hypothetical, computer-generated data
Ans: b) use whatever data the world gives them
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We can experience a shortage of any good or service if
A) the price of using it is too high. B) the price of using it is too low. C) people demand more than they need. D) if people need more than they demand.
Index funds
a. buy all the stocks in a given stock index. b. promise to beat the market by a certain percentage known as an index. c. provide a return that is adjusted for changes in the consumer price index. d. buy industries within a particular category of the North American Industry Classification System.
A monopolistically competitive firm has ________ power to set the price of its product because ________
A) no; there are no barriers to entry B) some; there are barriers to entry C) no; of product differentiation D) some; of product differentiation
When do firms pay efficiency wages? What is the relationship between moral hazard and efficiency wages?
What will be an ideal response?