Why does economics fit well as a liberal arts education?
What will be an ideal response?
A liberal arts education provides broad knowledge and thinking skills, so a worker
is more flexible in responding to changes in the workplace. Economics fits naturally into
the liberal arts because it provides a framework for problem-solving that can be applied
everywhere, from making a personal decision about where to live, to a national decision
about when to stimulate the economy with a tax cut, to a global decision about how to
respond to climate change.
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Refer to Table 1-6. What is Ivan's marginal cost if he decides to stay open for six hours instead of five hours?
A) $10 B) $20 C) $25 D) $91.67
Which of the following led to a "bank jog" in Greece?
A) high unemployment B) high inflation C) speculation that Greece would abandon the euro D) the default of several Greek banks
Jim saw a decrease in the quantity demanded for his firm's product from 800 . to 600 . units a week when he raised the price of the product from $200 to $250 . Based on this information, the demand for Jim's product is
a. Elastic b. Unitary elastic c. Inelastic d. Hard to determine
Which of the following is one of the main obstacles for macroeconomics research?
What will be an ideal response?