Do economists analyze people's thought processes or do they look at what people actually do?
A. Macroeconomists focus on thought processes while microeconomists focus on actions.
B. Economists focus on what people do, not their thought processes.
C. Economists focus only on people's thought processes.
D. An economist's focus is about half-and-half between actions and thought processes.
Answer: B
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Which of the following statements is correct?
A) A firm in oligopoly will charge a price that is lower than the price charged in perfect competition. B) If firms in oligopoly look only at their own self-interest in deciding the output they should produce, the total market output will exceed that of a monopoly. C) If one oligopolist reduces the price of its product, its demand curve shifts leftward. D) Because many producers join to form a cartel, the market becomes monopolistic competition. E) It is in the self-interest of each firm in an oligopoly to take the actions that maximize all the firms' joint profit.
If productivity is growing at some sustained rate g, then output and capital per worker ________
A) are growing at the same rate g, in a stable steady state B) are growing faster than g, because improving technology encourages a higher rate of saving and investment C) are growing slower than g, because some of the new capital is merely replacing obsolete capital D) are growing faster than g, because productivity does not suffer from diminishing marginal product
Engaging in international trade has all of the following effects except:
A. altering prices in different countries. B. influencing labor markets in different countries. C. increasing number of goods and services we can consumer in different countries. D. it makes use of resources less efficient.
Which of the following is a merit good in the United States?
a. public housing b. chess c. seat belts d. defense e. bread