Which of the following is correct?
a. The word economy comes from the Greek word for "rational thinker.".
b. Economists study the management of scarce resources.
c. Because economists believe that people pursue their best interests, they are not interested in how people interact.
d. All of the above are correct.
b
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According to the "beachhead effect," in order to undo the effects of a strong-dollar period, the real value of the dollar
A) must fall to at least half of its value before appreciation of the dollar began. B) must fall to the value it had before appreciation of the dollar began. C) must fall to a much lower level than it had before appreciation of the dollar began. D) must actually appreciate before it depreciates to undo the effects of a strong-dollar period.
Which of the following is NOT true about a cartel?
A) Members earn economic profits. B) Members experience large economies to scale relative to industry demand. C) Cartels will set common prices for their members. D) Members of a cartel will have production quotas.