Multiple Choice
Institutions are all of the following except:
A) informal rules that are not government sanctioned.
B) the rules of the game governing economic exchanges.
C) your local phone company.
D) laws governing ownership, antitrust, minimum wage, etc.
Correct Answer:
Verified
Correct Answer:
Verified
Q5: The Cost- Benefit criterion assumes all of
Q6: When economists evaluate the effect of carbon
Q7: Comparative statics analysis evaluates the effect of:<br>A)exogenous
Q8: Microeconomics is concerned with:<br>A)distinguishing good from bad
Q9: The preferences of individuals are key to
Q11: Overcrowding frequently occurs when consumers:<br>A)share common property.<br>B)receive
Q12: Competition is:<br>A)the consequence of "more is better."<br>B)utterly
Q13: Normative economics:<br>A)involves value judgments.<br>B)tries to present the
Q14: A market is characterized by the demand
Q15: In what way is drinking water a