Economics may be referred to as a(n) ________ science, meaning that data is looked at to see whether assertions are correct.
A. soft
B. exact
C. natural
D. empirical
Answer: D
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Deposit insurance indirectly helped to create the savings and loan crisis in the United States because
A) depositors were not concerned with the types of investments made because they were insured, while at the same time savings and loans were aggressively investing in risky projects. B) depositors, believing that the government would not secure their deposits, were very concerned with the types of investments made at savings and loans. C) the government, without warning, eliminated deposit insurance for savings and loans, thereby causing a run on these institutions. D) depositors were not concerned with the types of investment made because savings and loans were making very conservative investments.
The figure above shows the supply curve for soda. The market price is $1.00 per soda. The ________ price that must be offered so that the 10,000th soda is produced is ________
A) minimum; $0.50 B) minimum; $1.00 C) maximum; $0.50 D) maximum; $1.00 E) minimum; more than $0.50 but less than $1.00
For an addictive drug such as heroin, if the price of heroin increases, then
A) the quantity demanded never changes. B) the quantity demanded will decrease by a relatively large amount. C) the quantity demanded will actually increase. D) the quantity demanded will decrease by a relatively small amount.
Oligopolists are more sensitive to the pricing and output policies of their rivals when
a. all firms produce identical products b. their products are highly differentiated c. there is freedom of entry and exit d. there are barriers to entry e. there are many firms in the industry