The economy has gone into a recession. You have majored in computer science and, because of the recession, have difficulty in finding a job. Should you go back to school and get a second major?
A) No, the recession will have no impact on my ability to get a job or my future income.
B) No, the recession will most likely be short-lived and I can get a job after it is over.
C) Yes, the recession will lower income in my field permanently.
D) Yes, the recession will ensure that you will never find a job as a programmer.
B
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The profit outcome achieved by setting MC = MR is the same as that achieved by setting TR = TC
Indicate whether the statement is true or false
When policymakers impose price controls, they
a. are usually following the advice of mainstream economists. b. usually improve the efficiency of economic activity. c. distort the signals that normally guide the allocation of resources. d. demonstrate a willingness to sacrifice equity in order to improve efficiency.
Assume the central bank decides to lower the bank's reserve requirements. Where and how should you begin your analysis when analyzing the chain reaction of economic interactions?
a. Start the analysis in the real goods market with aggregate demand shifting to the left. b. Start the analysis in the real goods market with aggregate demand shifting to the right. c. Start the analysis in the real credit market with demand for real credit shifting to the left. d. Start the analysis in the real credit market with demand for real credit shifting to the right. e. Start the analysis in the real credit market with supply of real credit shifting to the right.
Modern forms of insurance can be traced back to around:
A. the early 1400s. B. the mid 1800s. C. the late 1700s. D. the early 1900s.