Which of the following statements is NOT true?
A) Economics is a social science.
B) Economics is an empirical science.
C) Economics does not use theories.
D) Economics is the study of how people allocate their limited resources to satisfy their unlimited wants.
Answer: C
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A per-unit government subsidy to producers of a good tends to
A) reduce the supply of the good. B) increase the supply of the good. C) shift the supply curve to the left. D) not have any effect on the good's supply.
Improvements in the level of technology will generally shift the production function downward
a. True b. False Indicate whether the statement is true or false
Melon Computer Company manufacturers its computer components in Singapore and assembles the computers intended for sale in North America in its plant in Arizona. If the U.S
reduces the corporate income tax rate next year, what is the likely outcome for Melon Computer Company? A) Reduce the transfer price for computer components and increase downstream profits B) Reduce the transfer price for computer components and decrease downstream profits C) Increase the transfer price for computer components and increase downstream profits D) Increase the transfer price for computer components and decrease downstream profits
When households decide to hold more money,
a. interest rates fall and investment decreases. b. interest rates fall and investment increases. c. interest rates rise and investment increases. d. interest rates rise and investment decreases.