Which of the following is an empirical issue?
A) The degree to which investment will decline as the interest rate rises.
B) The assumptions of the simple quantity theory of money.
C) The predictions of the simple quantity theory of money.
D) The degree to which wages are flexible.
E) a and d
E
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The figure illustrates the market for chairs. If the supply of chairs increases, the price of a chair ________ $40 and the quantity ________
A) will rise above; demanded will decrease B) will rise above; supplied will increase C) will fall below; demanded will increase D) will fall below; demanded will decrease
In economics, resources are also known as
A) minerals. B) factories. C) factors of production. D) human capital.
The difference between explicit costs and implicit costs
A) is that explicit costs are opportunity costs while implicit costs are not. B) is that implicit costs are opportunity costs while explicit costs are not. C) is that explicit costs are short-run costs and implicit costs are long-run costs. D) is that explicit costs involve resources that are purchased and implicit costs involve resources the firm already owns.
What is the primary issue with providing public goods?
a. Preventing free riding b. Gathering public insight c. Ensuring a constant supply d. Monitoring public demand