The change spawned by the microchip and the Internet which has also enhanced the acquisition, analysis, and transmission of information is known as _____
A) the Information Revolution.
B) the Innovation Revolution.
C) the Manufacturing Revolution.
D) the Industrial Revolution.
E) the Agricultural Revolution.
Answer: A) the Information Revolution.
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A large government encounters a production possibilities frontier essentially the same as one faced by a business firm.
Answer the following statement true (T) or false (F)
Voters who do not have single-peaked preferences _____
a. prefer outcomes closer to their most preferred outcome to outcomes further away b. do not necessarily prefer outcomes closer to their most preferred outcome to outcomes farther away c. prefer all outcomes the same d. are unable to weigh one outcome against another outcome, regardless of where the outcome is along a one-dimensional continuum
What is the "medium of exchange" function of money?
A. a common measurement of the relative value of different goods and services B. the ability of money to hold value over time C. the quality of money not to be hoarded because of its commodity value D. the function of money to be widely accepted I exchange for goods and services
Aiden must decide whether or not to go to law school. He knows that he can earn $50,000 per year with his bachelor's degree, but he expects to earn a minimum of $58,000 per year with the law degree. An economist would advise him to
a. take the job that just requires the bachelor's degree. b. go to law school, but only if he can finish within 3 years. c. go to law school. d. consider costs, revenues, and any nonmonetary job considerations he might have also.