Economists speak of price elasticity of demand. Which word below is synonymous with "elasticity"?
A) Futility
B) Sensitivity
C) Relativity
D) Serendipity
B
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Which of the following is a question that an economist would use to break down a problem?
A. Does the decision maker have a track record of being rational? B. Will the average income per person for the society increase? C. Is there a scarce resource that will be allocated? D. How might one person feel about the solution to the problem?
The best hope for continued growth of the U.S. economy probably lies in:
a. a return of manufacturing to the U.S. b. innovation c. patents d. decreasing poverty
Economists have found evidence that differences in wages can be explained by
a. experience b. job characteristics c. physical attractiveness d. All of the above are correct.
Most studies using the compensating differential approach have estimated the value of a life to be between $3 million and $7 million
Indicate whether the statement is true or false