During World War II (1941–45) which of the following fell?
(a) Real GDP per capita
(b) Private consumption expenditures
(c) Private investment
(d) Government expenditures
(c)
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A Chinese restaurant wants to expand its business by acquiring a neighboring dry cleaner. In this case,
A) eminent domain would likely be used to reduce transactions costs. B) eminent domain would likely be used to reduce the holdout problem. C) eminent domain would not likely be used. D) eminent domain would likely be used because this transaction would increase cooperative surplus.
The scientific method is more difficult for economists than, say, chemists, because:
A) controlled laboratory conditions are more problematic in economics. B) it is difficult to hold other factors that may affect the variables being studied constant in economics. C) economic conditions may change quickly and unexpectedly. D) all of the above.