Which of the following is the best definition of economics?
What will be an ideal response?
An analysis of how individuals and societies deal with the problem of scarcity.
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Securities that banks sell and agree to repurchase are known as
A) federal funds. B) discount loans. C) repurchase agreements. D) NOW accounts.
Job is a smoker. He has a utility function for cigarettes smoked in bars (q1 ) and a composite good (q2 ) given by U(q1,q2 ) = 10q1.5 + q2 Job's income is $100 and faces prices p1 = 5 and p2 = 1. The government is planning to ban smoking in bars
Compute the compensating variation.
Firms will only adopt more automated methods of production when
a. they reduce the need for workers. b. they lower production costs. c. they lengthen the production process. d. other firms in the industry are doing it.
The rule for redistribution proposed by John Rawls in his book A Theory of Justice is called the
a. "optimal ignorance" rule. b. libertarian justice rule. c. maximin criterion. d. egalitarian criterion.