micro economic 1-71

usually do so at the expense of equity

tend to cause the economy to grow more slowly

always fail

require very high taxes

textbooks

tuition and fees

room and board (that costs her about the same as she was paying before entering college)

the student's time, which can no longer be devoted to earning a salary

at least $500

exactly $500

any price above zero that will entice standby passengers to take the flight

slightly less than $500

overall deaths due to car accidents changed very little in the united states

fewer deaths occurred per accident

fewer pedestrians were killed in car accidents

the frequency of accidents increased

one person always gains at the expense of the other

both persons usually gain from the exchange

one person usually gains at the expense of the other

the overall well-being of the two persons remains unchanged

voters in elections

all producers and consumers

the government only

non-governmental agencies

establish and enforce property rights

intervene when markets fail due to externalities

intervene when markets fail due to market power

decide what and how much should be produced

economic knowledge is obtained through the scientific method, just as in any other science

it is difficult to conduct experiments in economic matters

economists pay close attention to natural experiments resulting from historical events

economic theories represent irrefutable facts

recreate real situations accurately, with all their complexity

avoid dealing with issues they would rather not talk about

simplify economic theories, so as to make it possible to answer economic questions

make their theories more realistic

simplified versions of economic theories

created by making assumptions

usually composed of diagrams and equations

all of the other options are true