Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, an increase in unemployment may be represented by the movement from
A. B to A.
B. A to C.
C. C to D.
D. B to D.
Answer: B
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Models should:
A. attempt to include every detail of the situation being studied. B. attempt to describe a situation with perfect accuracy. C. not be applied to microeconomics. D. describe a real life situation accurately.
Scarcity forces us to choose, and choices are costly because we must give up other opportunities that we value
a. True b. False Indicate whether the statement is true or false
The message that market economies efficiently generate information through markets is associated with:
a. Mises and Hayek b. Samuelson c. Kornai d. Olson e. Keynes
Given the strict quantity theory of money, if the quantity of money doubled, prices would:
A. fall by half. B. double. C. remain constant. D. increase somewhat but less than double.