Ideal randomized controlled experiments in economics are
A) often performed in practice.
B) often used by the Federal Reserve to study the effects of monetary policy.
C) useful because they give a definition of a causal effect.
D) sometimes used by universities to determine who graduates in four years rather than five.
Answer: C
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Medicaid and food stamps are
a. available only to the elderly b. part of Social Security c. forms of in-kind assistance d. forms of cash assistance e. transfer payments to the poor
For a monopoly firm, the shape and position of the demand curve play a role in determining the (i) profit-maximizing price. (ii) shape and position of the marginal-cost curve. (iii) shape and position of the marginal-revenue curve
a. (i) and (ii) only b. (ii) and (iii) only c. (i) and (iii) only d. (i), (ii), and (iii)
The tasks performed by the chef at your favorite restaurant could be categorized as
A. a service or intangible good. B. an economic good. C. a good. D. All of the above are correct.