An economist who is studying the relationship between the money supply, interest rates, and the rate of inflation is engaged in:
A. macroeconomic research.
B. microeconomic research.
C. empirical research because there is no economic theory related to these variables.
D. theoretical research because there is no data on these variables.
Answer: A
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Assuming that resources are specialized, the opportunity cost of an item increases as the production of it rises. This implies that firms will produce more as
A. the price increases. B. the price decreases. C. the opportunity cost is greater than the price. D. government asks firms to produce more. E. the income of buyers increases.
The "damaged goods" strategy refers to
a. Trying to sell damaged goods to your customers b. Damaging the goods after they have been paid for but before the shipping c. Incurring additional costs to make the cheaper goods unattractive to high-value users d. Incurring additional costs to make the more expensive goods better quality
The_____________is the principle that suppliers will normally offer more for sale at higher prices than lower prices.
Fill in the blank(s) with the appropriate word(s).
Some environmentalists argue that the scarcity of physical resources such as fuel means that
A. we should keep our homes cooler in the winter. B. we should keep our homes warmer in the summer. C. we should live closer to our jobs to conserve fuel. D. All of these responses are true.