Economics:
a. is a narrowly focused discipline.
b. is a broad-ranging discipline.
c. concerns itself only with the U.S. economy.
d. says little about "everyday life."
e. deals with minor problems.
Ans: b. is a broad-ranging discipline.
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The efficiency of competitive markets happens because
A) of the benevolence of the butcher, the brewer, and the baker. B) people make environmentally aware purchasing decisions. C) prices adjust to make buying plans and selling plans compatible. D) government organizes and monitors production. E) the U.S. economy uses a command system to allocate resources within the competitive markets.
Which of the following would be illegal according to the Robinson-Patman Act
a. "Party Packers" getting 10cents off every pack of ribbon they buy after 1000 units b. "Sideline Superstore" receiving 50 cents off a crate of strawberries since it buys from many other suppliers c. "Sam's Sandwiches" receiving 5 cents off per pound of cheese, since they are closer to the warehouse of the supplier d. None of the above
Core inflation:
A. measures price changes for the market basket of the average urban consumer with food and energy costs taken out. B. is inflation measured using the producer price index. C. measures the changes in prices for the entire market basket of the average urban consumer. D. is inflation measured using the retail price index.
Most academic studies show that Head Start benefits
A. are suspect due to the inability to test young children. B. slowly evaporate over two or three years and are not seen in testing of high school age children. C. don't exist at all, even for the children in the program. D. can be observed to last well beyond graduation from college.