How to make money in the stock market
How to operate a business successfully
The allocation of scarce resources in an effort to satisfy wants that are virtually unlimited
The methods business firms use to reduce their costs of production
The fallacy of composition
The importance of secondary effects
The fact that association is not causation
Is obviously wrong and, therefore, cannot be a positive statement.
Is normative since it can be answered simply by looking at the facts
Is positive because it is testable
Is not very interesting because all normative issues are of little importance
Confused positive and normative analysis
Committed the fallacy of composition
Failed to recognize that association is not causation
Confused macroeconomics with microeconomics
A movement from a point on the curve to a point outside the curve
A movement from one point to another point along the curve
An outward shift of the curve
A movement from a point on the curve to a point inside the curve
What, how, and for whom will goods be produced?
When, where, and how much will be produced?
Why, where, and when will goods be produced?
How, how much, and why will goods be produced?
It is also called a capitalism
The government develops the legal structure that recognizes, defines, and protects private ownership rights.
The government, through the political process, makes decisions for buyers and sellers in an attempt to solve the basic economic questions facing the economy.
Private parties are permitted to buy and sell ownership rights of their assets at mutually acceptable prices.
Demand curve has shifted to the right
Price of the product has fallen, and consequently, consumers are buying more of it.
Cost of producing the product has risen
Amount of the product that consumers are willing to purchase at various prices has decreased.
There is excess demand (a shortage) for the good
There is excess supply (a surplus) of the good
Demand for the good decreases
The supply of the good increases
The supply of Florida oranges fell, causing the supply of California oranges to increase as well as their price.
The supply of Florida oranges fell, causing the supply of California oranges to decrease and their price to increase
The supply of Florida oranges fell, causing their price to increase and the demand for California oranges to increase.
The demand for Florida oranges was reduced by the freeze, causing an increase in the price of California oranges and a greater demand for them
Seeking to profit from society's needs rather than following the guidance of the invisible hand, which would have led them to seek jobs serving society rather than jobs with higher pay.
Following the guidance of the invisible hand and probably serving society's best interests as well as their own.
Causing oil prices to rise even more by moving to jobs with higher salaries
Helping themselves but hurting the economy
Remain the same
Not enough information is given to predict the impact on global food prices.
The neutrality of taxation
The deadweight loss (or excess burden) of taxation
The responsibility for collecting the tax
Who actually bears the tax burden
Who the tax is initially levied on (who writes the check)
The regressive rate structure of the tax
When tax rates are quite high, reducing tax rates will increase tax revenue
When the tax rates are quite low, reducing tax revenue
When tax rates are quite high, reducing tax rates will decrease tax revenue
Increasing tax rates increases tax revenue
The passerby was made better off at the expense of the stranded motorist
Economic theory cannot explain why the stranded motorist bought the quarter for $1
The stranded motorist valued the quarter more than he valued the dollar bill and made economically sound decision; both people are better off
The stranded motorist clearly doesn't understand that four quarters are worth $1
Cows can be privately owned while in many countries elephants cannot
The demand for ivory far exceeds the demand for beef
Animals slaughtered for their meat are generally better conserved by humans than animals slaughtered for nonfood uses
People tend to protest more every year to prevent cow extinction than they do for elephant extinction
$10 for buyers and $30 for sellers
$30 for buyers and $10 for sellers
The entire $40 falls on sellers
The entire $40 falls on buyers