Economic models relate to
A. how people think about something.
B. choice.
C. people's choices.
D. the reasons people give for donating to charity.
Answer: C
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For a given supply curve, the deadweight loss from the imposition of a tax is smaller if demand is more elastic
Indicate whether the statement is true or false
"Wal-Mart is a low-wage firm and this indicates that it exploits its workers." Which of the following should cause one to question the validity of this statement?
What will be an ideal response?
Which of the following is true about M1 and M2?
A. M1 includes currency, but M2 does not. B. Neither M1 nor M2 includes money market mutual funds. C. M2 includes saving deposits and money market mutual funds, but M1 does not. D. M1 and M2 both include checking accounts and savings accounts.
For the purpose of determining whether a family is officially considered to be living in poverty, poverty figures do not include:
A. profits of a small business owner. B. food stamps. C. earned income. D. after-tax income of the poor.