The most common data for testing economic theories come from
a. carefully controlled and conducted laboratory experiments.
b. computer models of economies.
c. historical episodes of economic change.
d. centrally planned economies.
c
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Coordination of economic policies among nations is a prisoner's ________ because if all countries go it alone, they will choose to ________
A) dilemma; compete B) conundrum; cooperate C) sentence; compete D) dilemma; cooperate E) quandary; collude
Demand elasticity can be
A) elastic, unit, or free. B) elastic or inelastic. C) elastic, inelastic, or unit elastic. D) 1, -1, or 0.
Which of the following is true? a. The private market provides too much of goods that generate external benefits
b. In the case of external benefits, if we could add the benefits that are derived by non-paying consumers, the supply curve would shift to the right, increasing output. c. In the case of external benefits, a tax equal to external benefits would result in an efficient level of output. d. In the case of public goods, when people act as free-riders, some goods having benefits greater than costs will not be produced.
A budget surplus exists when
a. Tax receipts < government expenditures + transfers. b. Tax receipts > government expenditures + transfers. c. Government expenditures ? transfers > tax receipts. d. Government expenditures > transfers + tax receipts.