Which of the following industries is part of a dynamic environment, meaning the market is constantly changing and updating?
a. nurseries
b. education
c. electronics
d. manufacturing
Ans: c. electronics
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An appropriate test of the effectiveness of an economic model is
A) the number of variables contained within the model. B) the model's ability to predict future economic activity. C) the number of economists who have worked on the model. D) the number of assumptions which the economist has made.
A positive economic statement is one that
A) can be refuted. B) is free of the ceteris paribus assumption. C) is based on a value judgment. D) asserts something about the role of moral behavior in building a strong economy.
Figure 14.2 represents the market for used cameras. Suppose buyers are willing to pay $125 for a plum (high-quality) used camera and $25 for a lemon (low-quality) used camera. If buyers believe that 50% of the used cameras in the market are lemons (low quality), how much will they pay for a used camera?
A. $25 B. $50 C. $75 D. $125
Externalities are only inefficient when they impose a cost. They are not inefficient when they bestow a benefit.
Answer the following statement true (T) or false (F)