Economic analysis is used
A) only by instructors and students in economics to understand the world.
B) only by business people to raise profits.
C) only by policy makers to make policy decisions.
D) in all decision making.
Answer: D
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Critically evaluate the following statement. "Monopolists are able to pass on the full amount of any increase in their fixed cost to the consumer in the form of higher prices."
What will be an ideal response?
Some economists have predicted that recent developments in energy production in the United States are estimated to result in all of the following EXCEPT:
A) millions of new jobs B) the United States having the lowest energy costs of any country in the industrialized world C) a substantial increase in GDP over time D) significant increases in pollution