Which philosopher-economist observed: "Individuals make choices in order to promote pleasure and to avoid pain"?
A. Thomas Malthus
B. Jeremy Bentham
C. Publilius Syrus
D. Stanley Jevons
B. Jeremy Bentham
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It is assumed in standard economic theory that a firm makes decisions in an effort to
A) have a highly diversified product. B) become as large as possible. C) maximize its profits. D) maximize its revenue. E) be favoured politically.
Structural budget deficit is the hypothetical deficit we would have under current fiscal policies if the economy were operating near full employment.
Answer the following statement true (T) or false (F)
To offset the indirect crowding-out effects, a government engaging in expansionary policy aimed at eliminating a recessionary gap could
A. reduce taxes rather than increase government spending. B. both reduce taxes and reduce spending to be able to achieve full employment. C. increase spending more than the simplest Keynesian model would predict. D. increase spending less than the simplest Keynesian model would predict.
Refer to the information provided in Figure 16.2 below to answer the question(s) that follow.
Figure 16.2Refer to Figure 16.2. The marginal damage cost imposed as a result of producing cars is
A. $5.00 per car. B. $10.00 per car. C. $15.00 per car. D. indeterminate from this information.