In the above figure, when the price of a gallon of gasoline falls, which points in the above figure are used to derive points on the consumer's demand curve for gasoline?
A) points A and B
B) points A and C
C) points B and C
D) points A, B, and C
B
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"The government should provide health care for all citizens." This statement is an illustration of:
a. positive economic analysis. b. correlation analysis. c. fallacy of association analysis. d. normative economic analysis.
The hands-off view of the classical school rests on which of the following two simple propositions about markets?
a. Demand creates its own supply and markets are basically competitive. b. Industrial policy is inevitable and all prices are flexible. c. Market failure occurs and prices are rigid. d. Wages are sticky downward and market failure is inevitable. e. Markets are basically competitive and prices are flexible.
The industry represented by the graph above where S1 and S2 are short-run supply curves, D1 and D2 are short-run demand curves, and LRS is the long-run supply curve can be said to be:
A. an increasing-cost industry. B. an average-cost industry. C. a decreasing-cost industry. D. a constant-cost industry.
Accurately incorporating the present consequences of an action, but ignoring or underestimating the future consequences, is a description of present bias.
Answer the following statement true (T) or false (F)