Tomatoes and blue cheese are substitutes.
Tomatoes are inferior goods and blue cheese is a normal good.
Tomatoes and blue cheese are complements.
The demand curve for tomatoes has shifted to the left.
Choice and scarcity force tradeoffs.
People follow incentives.
Irrational behavior requires thinking on the margin.
Information is important.
Macroeconomics.
Microeconomics.
National economics
Labor force economics.
Entrepreneurial Ability
Computers
Labor
Land
Abundant; needs
Scarce; wants.
Abundant; wants.
Scarce; needs.
Of unemployment in the economy.
Not all resources are alike in the production of goods and services.
Of the negative relationship between price and quantity demanded
Of inequities in the distribution of income.
Price of the good
Income
Number of buyers
Expectations
It can produce one product at a lower opportunity cost than can the other country.
Its products are the best in the world.
It can produce more of all products than the other country.
It has a bigger market share than the other country.
David Ricardo
Joseph Schumpeter
Alfred Marshall
Adam Smith
Sales volume.
Profit.
Supply.
Maximal output.
For a more efficient use of resources.
For goods to be obtained at a lower opportunity cost.
People to specialize in activities in which they have a comparative advantage.
All of the above are correct.
The equilibrium price and the equilibrium quantity rise.
The equilibrium price falls, but the equilibrium quantity is uncertain
The equilibrium price is uncertain and the equilibrium quantity rises.
The equilibrium price rises, but the equilibrium quantity is uncertain.
The equilibrium price and the equilibrium quantity rise.
The equilibrium price falls, but the equilibrium quantity is uncertain
The equilibrium price is uncertain and the equilibrium quantity rises.
The equilibrium price rises, but the equilibrium quantity is uncertain.
Full employment line
Production possibilities frontier
Goods and services frontier
Maximal productivity curve
Allocative efficiency
Production efficiency
Opportunity cost
Cost allocation
Caveat emptor
Habeas corpus
Montani semper liberi
Ceteris paribus
Comparative advantage
Absolute advantage
Special advantage
Trade advantage
A surplus of apartments
A shortage of apartments
Apartment quality will deteriorate
Apartments will be converted to alternative uses, such as offices or condos.
Prices must adhere to all of a nation's laws.
Higher prices elicit more demand.
As the price of a good rises, a lower quantity of it is demanded
Buyers demand lower prices.
Increase
Decrease
It depends upon the magnitude of the demand shift
Nothing
C
I
G
NX
Not Included
Wages and salaries; transfers payments; the purchase of goods and services
Transfer payments; the purchase of goods and services; wages and salaries
Wages and salaries; the purchase of goods and services; transfer payments
None of the above are correct: Government expenditures include wages and salaries, transfer payments, and the purchase of goods and services.
Humans need capital.
It lowers the total wage bill.
It increases labor productivity.
It improves morale.
Inflation
Hyperinflation
Deflation
Disinflation
Used goods
Double-counting
Foreign investments
Inflation
An entrepreneur buys a WWII ammunition bunker from the U.S. government that he plans to turn into a storage facility.
While on vacation in the U.S., a Japanese tourist breaks his leg and must visit the emergency room.
A U.S. firm adds to its inventories.
The City of Manhattan builds a new swimming pool.
Governments ruled under dictatorships invest wisely, because they have access to all relevant information
A country's degree of economic freedom is related to the level of economic growth.
Economic freedom is detrimental to growth, because market participants tend to make mistakes.
There is no connection between citizens' freedoms and economic prosperity.
Inside the United States by foreign citizens; outside the United States by U.S. citizens.
Outside the United States by U.S. citizens; inside the United States by U.S. citizens.
Outside the United States by U.S. citizens; inside the United States by foreign citizens.
Inside the United States only by U.S. citizens; outside the United States only by U.S. citizens.
Industrial revolution
American revolution
Kansas becoming a state
A dramatic increase in literacy rates
Private businesses intentionally set out to do research to add knowledge to the public domain.
Most new knowledge disappears after five years.
Developments in technology have a public character; that is, they have spillover effects.
Patent law and copyrights prevent most knowledge from being made public.
The quality of goods and services consumed by purchasers improves.
Innovators can invent more, because they don't have to spend resources navigating the legal system.
The profits of writers and inventors rise.
It is difficult for innovators to profit from their efforts.
The average number of hours worked.
The financial resources of a company divided by the number of employees.
The rate of technological improvement.
The amount of capital per worker.
The same.
Lower.
Higher.
Uncertain; it depends on the number of underemployed workers who are over age 65.
C
I
G
NX
Not Included
$200
$400
-$100
$20
$126.80
$15.85
$222.50
$14.85
The minimum wage
The rental rate of capital
Their productivity
The interest rate in the loanable funds market
Healthcare bias
Store-brand bias
Subsitution bias
New product bias
Cut taxes and/or increase government spending
Increase the money supply which reduces interest rates.
Increase the population with more immigration.
Do nothing and wait for the economy to return to full employment on its own.
Increase; $1,762.50
Increase ; $1,500
Decrease; $1,762.50
Decrease ; $1,500
91%
9%
39.3%
6%
Not be affected.
Increase because stocks can now be purchased cheaply
Decrease because people feel less wealthy.
Mildly increase.
Increases when income increases.
Is the change in saving associated with a change in income.
Is equal to saving divided by income.
Decreases when income increases.
Structurally unemployed.
Frictionally unemployed
Cyclically unemployed
Not in the labor force
Unemployed.
Underemployed.
Discouraged
Both B & C are correct.
Interestate highway system
Private education institutions
Dams
Telecommunication networks
Is losing money.
Still needs to adjust to bring both down to zero.
Is in a recession
Is in equilibrium
Structural unemployment.
Frictional unemployment
Cyclical unemployment
Statistical unemployment
-$600
$1,000
-$2,500
-$1,000
Jacob saved $25,000, which he put in the stock market. The market did very well and his wealth in stock rose to $36,000.
Simon felt he needed at least $800,000 to retire comfortably. He increased his saving to build up his wealth.
The Jones family has $50,000 in a bank. Prices at stores rose dramatically, so the purchasing power represented by that $50,000 diminished.
Margaret had her savings in Treasury bonds. She thought that stocks might offer her a better opportunity to increase her wealth, so she sold her bonds to buy stocks.
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