Which of the following is false?
a. If a choice is rational for an individual, people would all agree that it was wise
b. Rational choices can be wrong.
c. When circumstances or expectations change, what is rational for an individual could change.
d. None of the above are false; all are true.
d
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In practice, placing a price control on a natural monopoly:
A. is easy and commonly practiced. B. is difficult because of lack of information. C. always creates the same outcome as public ownership of the industry. D. is never a good idea.
The quantity of savings that people are willing to supply will depend on:
A. the amount they have left over after consumption. B. their age, since people tend to stop saving once they retire. C. their disposable income. D. the price they will receive.
Suppose the demand for X is given by Qxd = 100 - 2PX + 4PY + 10M + 2A, where PX represents the price of good X, PY is the price of good Y, M is income and A is the amount of advertising on good X. Good X is
A. a Giffen good. B. an inferior good. C. a complement. D. a normal good.
A union can achieve higher wages without accepting lower levels of employment of members by
A) striking. B) increasing the productivity of its members. C) increasing the amounts of imports. D) increasing the difficulty of its apprenticeship program.