Fracking involves:
A) extracting certain forms of energy from shale rock formations
B) deep water drilling for energy with minimal externalities
C) the reduction of menu costs thus allowing prices to adjust more freely
D) breaking down the production of goods resulting in more competitive markets
A
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Inflation may impose little, if any, cost on the economy, if ________
A) laws against excessive price increases are enforced effectively B) the government subsidizes menu costs C) price increases are fully anticipated D) the Fisher effect holds true E) the rate of price increase is so slow that people do not feel compelled to alter their behavior
Which one of the following states a central element of the economic way of thinking?
a. Scarce goods are priceless. b. Incentives matter--human choice is influenced in predictable ways by changes in personal costs and benefits. c. The realism of the assumptions is the best test of an economic theory. d. When deciding how to allocate time, the concept of opportunity cost is meaningless.