Which of the following is a correct statement?
A. Economic concepts or laws that are valid during depression are necessarily valid during
prosperity.
B. Although they are generalizations, economic laws are useful because they allow us to
predict and therefore influence or adjust to events.
C. Economics is as scientific as are physics and chemistry because economic laws are as
quantitatively precise as the laws of physics or chemistry.
D. Because economics is concerned with questions of "ought," it is a branch of applied ethics
and not scientific.
Answer: B
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If a country increased the production of its capital goods, then
A) the more consumption of goods we can have today. B) the less consumption we can have today, but we will have more in the future. C) the more unemployed resources there will be in the future. D) the more unemployed resources there are today.
Changes in the producer price index are often thought to be useful in predicting changes in
a. stock prices. b. the consumer price index. c. the unemployment rate. d. the rate of output of goods and services.
The big increase in the U.S. trade deficit in the mid-1970s was mainly due to ___________.
Fill in the blank(s) with the appropriate word(s).
Some hotels in Myrtle Beach, South Carolina charge over $200 a night in the summer but sometimes as little as $99 a night in the winter. Use supply and demand analysis, including graphical and verbal explanation, for these winter "sales."