Incentives matter
A) to all human beings regardless of environment.
B) only in a free market system.
C) only in the private sector.
D) only when people are greedy and selfish.
A) to all human beings regardless of environment.
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Refer to the scenario above. If India pegs the exchange rate at 70 rupees per dollar, it will require ________ rupees to repay the loan in dollars
A) 700,000 B) 70 C) 70,000 D) 7,000
Supply side inflation can be caused by
A) a continual increase in aggregate supply while aggregate demand remains unchanged. B) a continual decrease in aggregate supply while aggregate demand remains unchanged. C) a continual decrease in aggregate supply while aggregate demand has significant decreases. D) a continual increase in aggregate demand while aggregate supply remains unchanged.
The law of increasing opportunity cost is based on the idea that
a. wages tend to increase with the level of employment b. interest rates tend to rise with increasing inflation c. labor costs for a typical firm are a large and growing proportion of total cost d. most resources are better suited to producing some goods than others e. the less of something we produce, the greater is the opportunity cost of producing still more
Demand is said to be elastic when:
A. the percentage change in the amount demanded is smaller than the percentage change in price. B. the demand curve is relatively flat. C. the elasticity of demand is less than -1. D. the elasticity of demand is greater than -1.