By using the same ceteris paribus assumptions, economic principles are just as certain and precise as those of the laboratory sciences.
Answer the following statement true (T) or false (F)
False
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Which of the following indicates that the law of supply applies to makers of soda?
A) An increase in the price of a soda leads to an increase in the quantity of soda supplied. B) An increase in the price of a soda leads to an increase in the supply of soda. C) An increase in the price of a soda leads to an increase in the demand for soda. D) A decrease in the price of a soda leads to an increase in the quantity of soda demanded. E) A decrease in the price of a soda leads to an increase in the supply of soda.
Economists use the term externalities to refer to
A) consequences people ignore in their decision making. B) any cost associated with an action. C) foreign imports or exports. D) the behavior in which people actually engage as distinct from their alleged reasons for acting as they do. E) the outside directors of a corporation as distinct from corporate directors who are also managers.
The strongest argument for an independent Federal Reserve rests on the view that subjecting the Fed to more political pressures would impart
A) an inflationary bias to monetary policy. B) a deflationary bias to monetary policy. C) a disinflationary bias to monetary policy. D) a countercyclical bias to monetary policy.
Sam has two jobs, one for the winter and one for the summer. In the winter, he works as a lift attendant at a ski resort where he earns $13 per hour. During the summer, he drives a tour bus around the ski resort, earning $11 per hour. During the winter months, what is Sam's opportunity cost of taking an hour off work to go skiing?
a. $13 b. between $11 and $12 c. $11 d. less than $11