Economists use models in order to
a. experiment with alternative circumstances.
b. make educated guesses about real life events.
c. predict outcomes under various hypothetical conditions.
d. increase understanding of how a relationship actually works.
e. All of the above are correct.
e
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For cities that provide snow removal, which of the following is a fixed cost?
a. gasoline for snow plows b. wages for snow plow drivers c. purchase of snow removal equipment d. purchase of salt or other substances used to melt snow
Which is NOT an example of signaling high quality in a social setting
a. wearing a business suit on a job interview b. scrimping on the tip for the waiter after a dinner date c. offering an expensive engagement ring to your bride d. Visiting the beauty salon before a big date