Which expression below matches most closely the way economists go about testing their models?
A) "Consistency is the hobgoblin of small minds."
B) "Seeing the results is the only way to know if you are right."
C) "A bird in the hand is worth two in the bush."
D) "In the long run we are all dead."
B
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Which of the following goods might, under the right circumstances, be substitutes for love?
A) Power B) Wealth C) Notoriety D) All of the above. E) Trick question: there are no substitutes for love.
The Ogallala aquifer is a large underground pool of fresh water under several western states in the United States. Any farmer with land above the aquifer can at present pump water out of it. Which of the following statements about the aquifer is correct?
a. The aquifer is a public good which must be publicly owned to be used efficiently. b. The aquifer is a private good which must be privately owned to be used efficiently. c. The aquifer is a common resource which will be overused if no one owns it. d. The aquifer is a club good which should be left as it is.
Total Revenue Product with six units of labor would be
A. $200.
B. $340.
C. $1,000.
D. $1,200.
The graph for a monopolist’s profits shows that at output QM, the firm’s total cost is ______.
a. $100
b. $400
c. $600
d. $800