The math and graphics used in economics help us better understand the logic of:
a. verbal reasoning.
b. rational choice.
c. hypothesis testing.
d. business forecasting.
B
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In 2014, the NCAA was the subject of two antitrust lawsuits related to video games. The NCAA reached a settlement in which it agreed to
A) pay current and former athletes whose names or images had been used in NCAA-branded video games. B) split into two separate entities, one which monitors college athletics and the other which markets products. C) stop authorizing the production of NCAA-branded video games. D) allow schools to pay athletes so it could continue to use their images in the video games.
Which of the following is not a reason to be cautious about using GDP as an indicator of development?
a. Developing countries may not have many statisticians. b. GDP includes the value of harmful products. c. Many goods and services are exchanged for others and are not recorded as having a specific value. d. Traditional methods of comparing countries' GDP data have numerous statistical weaknesses. e. All of the above are reasons for caution.
It is often impossible for a business firm to determine its private costs of production
a. True b. False Indicate whether the statement is true or false
A tariff is
A) a limit placed on the quantity of goods that can be imported into a country. B) a tax imposed by a government on goods imported into a country. C) a subsidy granted to importers of a vital input. D) a health and safety restriction imposed on an imported product.