Dogfighting is against the law in New Jersey, resulting in high-priced events held illegally in the state. What idea from Chapter 1 of the text does this story best illustrate?
A. There ain't no such thing as a free lunch.
B. Social and political forces sometimes rein in market forces.
C. The invisible hand is always invisible.
D. Maintaining objectivity is easiest in positive economics.
Answer: B
Economics
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In the above table, the unemployment rate is
A) 6 percent. B) 24 percent. C) 18 percent. D) 29 percent.
Economics
The Internet has created a new category in the book selling market, namely, the "barely used" book. How does the availability of barely used books affect the market for new books?
A) The demand curve for new books shifts to the right. B) The supply curve for new books shifts to the left. C) The demand curve for new books shifts to the left. D) The supply curve for new books shifts to the right.
Economics