A simplified description of some aspect of the economy is called
A. an economic model.
B. a methodology.
C. empirical analysis.
D. data development.
Answer: A
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A medical researcher suggests that the new flu shot will prevent all forms of the flu, but it was never tested or proved to be true. Which of the following antitrust acts are being violated?
A. Clayton Act B. Sherman Act C. Federal Trade Commission Act D. No Antitrust law is being violated
An increase in input costs in the production of electric automobiles caused the price of electric automobiles to rise
Holding everything else constant, how would this affect the market for gasoline-powered automobiles (a substitute for electric automobiles)? A) The supply of gasoline-powered automobiles would increase and the equilibrium price of gasoline-powered automobiles would decrease. B) The demand for gasoline-powered automobiles would increase and the equilibrium price of gasoline-powered automobiles would increase. C) The demand for gasoline-powered automobiles would increase and the equilibrium price of gasoline-powered automobiles would decrease. D) The demand for gasoline-powered automobiles would decrease because consumers could afford to buy fewer gasoline-powered automobiles.
Which of the following is the largest source of revenue for the U.S. federal government?
A) sales taxes B) the individual income tax C) social insurance taxes D) property taxes
When social and private costs differ, economists state that
A) there will be economic profit in the society. B) the society will produce inside the production possibilities frontier. C) there is an externality. D) there is not an efficiency problem but an equity problem.