Microeconomics deals with the analysis of all the following questions except how:
a. the wages of carpenters are determined.
b. high did unemployment rise during the Great Depression.
c. does Ford decide how to price its cars.
d. does a college student decide how to spend her income.
e. do monopolies and competitive markets differ.
b
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To be useful, a model must
A) predict accurately all of the time. B) predict more accurately than other models that have been developed. C) have assumptions that have been verified by empirical testing. D) explain and predict the behavior of every individual.
Which of the following would NOT be considered a consumption good?
A) a new sweater B) tools used to cut metal on an auto production line C) a jar of Skippy peanut butter D) a bottle of Scotch whiskey
Why is economics called an empirical science?
A. because economics uses math to evaluate the usefulness of its models B. because economics has been used to both create and destroy empires C. because economics utilizes only assumptions to evaluate how accurate a model is D. because economics relies on real-world data to determine the usefulness of a model
You will agree to lend your sister's grandma's daughter $2,000 for a year, if at the end of the year she pays you $2,200. The interest rate you are charging her is
A. 1.1%. B. 9.09%. C. 10%. D. 20%.