Answer the following statements true (T) or false (F)
1. The study of economics is not useful for consumers because economic analysis focuses only on businesses and the economy.
2. The scientific method does not apply to economics because economics studies human behavior which cannot be generalized.
3. Economic principles are value judgments about what the economy should be like or the way the economic world ought to be.
4. If falling gasoline prices are good for the consumers, then it must be good everyone in the economy.
1. Answer: False
2. Answer: False
3. Answer: False
4. Answer: False
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Which of the following can help shape the incentive structure of the country of Gammaland?
a. resource availability b. prices c. income d. incentives e. All of the answers are correct
If MB grows smaller and MC grows larger as the activity level grows, then:
A. an interior action for which MB = MC is the best choice. B. net benefit can be increased by increasing the action. C. net benefit can be increased by decreasing the action. D. there is no best choice.