For the typical student, taking an introductory course in economics should
a. turn the student into an economist.
b. teach the student solutions to all social problems.
c. teach the student all the answers to the most complex social questions.
d. help the student learn to rationally analyze and systematically think about social
problems.
e. All of the above are correct.
d. help the student learn to rationally analyze and systematically think about socia lproblems
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If an economy wants to experience economic growth, what decision must it make and carry out? Explain
Refer to the accompanying figure. Suppose the dairy lobby convinces the government to impose price controls in this market. If the government requires cheese to be sold for a price of $8 per pound, total consumer surplus in the market would equal:
A. $120 per day. B. $20 per day. C. $60 per day. D. $80 per day.
The total of all planned real expenditures in the economy is called
A. aggregate consumption. B. aggregate GDP. C. aggregate spending. D. aggregate demand.
Suppose that a new machine tool having a useful life of only one year costs $80,000. Suppose, also, that the net additional revenue resulting from buying this tool is expected to be $96,000. The expected rate of return on this tool is:
A. 80 percent. B. 8 percent. C. 2 percent. D. 20 percent.