Which of the following is most likely correct about economists?
a. Economists do not determine the answer to the problem first and then draw the graph to illustrate.
b. Economists do not use the graph of the theory to determine the answer.
c. Economists determine the answer to the problem first and then draw the graph to illustrate.
d. Economists identify multiple potential answers and then graph each one to determine the correct answer.
a. Economists do not determine the answer to the problem first and then draw the graph to illustrate.
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Money must be ________ which includes the fact that is should ________
A) generally accepted as a means of payment; be recognizable and divisible into small parts B) backed by gold; not decrease in value over time C) whatever is used in a barter system; transferable across countries' borders D) accepted as a means of payment across countries' borders; not be fiat money E) in physical form; not be transferable using electronic means
Technological change is the key to sustaining economic growth
Indicate whether the statement is true or false
Which firm has higher fixed costs?
a. Jim's Production b. Competitor c. They both have the same fixed costs d. Need more information
If the MPC is 0.70, then the income multiplier is equal to
a. 0.70 b. 0.30 c. 0.14 d. 3.33 e. 5