When an economist refers to choices made "at the margin" the economist is referring to correct answers decisions based on the marginal benefits and marginal costs of small changes in a particular activity.
Most economist Believe that correct answers Prices are the best way to ration goods and se...
Econ 343 Exam 1(A+ Graded)
When an economist refers to choices made "at the margin" the economist is referring to correct answers
decisions based on the marginal benefits and marginal costs of small changes in a particular activity.
Most economist Believe that correct answers Prices are the best way to ration goods and services
According to your instructor (class discussion) the 'bounce' theory of economics is supported by correct
answers Classical economist and many Republicans
True or False: The iron law of price is that it must rise before it can fall when a shortage occurs correct
answers True
T or F: Most economist believe that "exporting jobs' in the process of globalization is good for the U.S
and the world economy correct answers True
According to Charles Jones and Peter Klenow of Standford University, France: correct answers Has
nearly the same standard of living as the U.S
T or F: The current price of gasoline is modest in real inflation adjusted terms by historical standards
correct answers True
The inability of the government and government agencies to efficiently allocate resources is called correct
answers Government failure
A key factor in producing high economic growth is correct answers Well-functioning financial markets.
T or F: According to Adam Smith, individuals acting in their own self-interest in the market place are also
unintentionally acting in the social interest correct answers True
T or F: The "big" tradeoff is between efficiency and equity (fairness) in any economy. correct answers
True
, In the Commanding Heights video, President Franklin Roosevelt followed the economic philosophy of:
correct answers John Maynard Keynes
Most economists agree that tariffs and import restrictions make most people worse off. correct answers
True
Marginal cost is the cost correct answers that arises from an increase in an activity.
Which famous conservative (i.e. Republican) economists advocated the legalization of drugs? correct
answers Milton Friedman
T or F: Generally speaking recessions in the U.S. before the Great Depression were about 8 years apart
and about 16 years apart after WW II. correct answers False
T or F: Many economists believe that occupational licenses are designed more to rise salaries in those
professions than protect the consumers. correct answers True
The two main economists in the Commanding Heights video (EP.1) was: correct answers John Maynard
Keynes, Fredrich Von Hayek
Paul Krugman is considered to be a _______________ economist. correct answers Keynesian
The term ceteris paribus means correct answers All other things remaining equal
T or F: The more we have of a good or service, the smaller is its marginal benefit and the less we are
willing to pay for an additional unit of it. correct answers True
T or F: The majority of economists favor less restrictive immigration policies in the U.S. correct answers
True
On the issue of free trade, economists (on average): correct answers Strongly support
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