Why has the federal government generally run budget deficits over the past several decades?
A) Political pressures make expenditures hard to control.
B) The federal government's control of the money supply enables it to borrow indefinitely without becoming unable to find creditors.
C) The public has accepted the notion that budget deficits can be good for the economy.
D) A combination of the three factors mentioned above.
D
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Many people leave their servers tips in restaurants, even when they are not likely to visit the restaurant again. This is evidence that
A) people would rather pay for good service at an inexpensive restaurant than pay higher prices and receive poor service at an expensive restaurant. B) people treat others fairly even if doing so makes them worse off financially. C) there has been an improvement in the service people receive in restaurants over time, partly because the restaurant industry has become more competitive. D) people enjoy eating at restaurants more than eating at home.
A legislature that fishing nets to have holes large enough for young fish to avoid capture is a regulatory change aimed at increasing the likelihood of reaching sustainable fish populations
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John gave up a night of pizza with friends to study for his calculus exam. He is illustrating which concept?
a. The Time Value of Money b. Opportunity Cost c. Sunk Cost d. Comparative Advantage