Government is a social institution
A) in which people do not engage in competition.
B) in which the public interest, rather than private interests, guide individual behavior.
C) whose behavior is determined by individuals' perceptions of marginal costs and marginal benefits.
D) whose detailed actions are governed by the will of the majority.
C
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Which of the following groups of people will be considered as unemployed?
A) Workers who experienced a wage cut due to recession B) Housewives raising kids at home and not looking for jobs C) Employees working in public sector undertakings D) Agricultural workers who are unemployed and have been looking for jobs for the last four weeks
Derived demand refers to
a. demand curves derived from utility functions b. an individual demand curve estimated from a market demand curve c. a market demand curve estimated from individual demand curves d. demand for a resource derived from the demand for the product produced by that resource e. demand for a product derived from the demand for the resource used to make that product
Total income in an economy is equal to
A) GDP minus net exports. B) income minus taxes. C) the sum of wages, interest, rent, and profit. D) firm revenues.
Ethan enjoys buying books and going to the movies. He has income of $150 to spend on these two goods each month. The price of a book is $15 and the price of going to the movies is also $15. He currently consumes four books and six movies a month. If the price of a book drops to $10, the substitution effect would predict:
A. Ethan would consume more of each good. B. Ethan would consume less of each good. C. Ethan would consume fewer books and more movies. D. Ethan would consume more books and fewer movies.