When consumers and firms are driven by rational self-interest and they seek to maximize utility and profit respectively, then a parallel assumption would be that elected officials attempt to:
a. best serve the public interest.
b. maximize hours worked.
c. maximize their political support.
d. fight for the oppressed and the disenfranchised, regardless of the political consequences.
c
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Equilibrium Interest Rate
Which of the following statements is FALSE?
A. Included in the firm's short-run production function are both fixed and variable inputs. B. An efficient firm can obtain more output than the production function shows. C. The production function shows the technical relationship between a firm's inputs and outputs. D. The production function presents the technically efficient methods of combining inputs to produce output.
Investors are often willing to take the risks associated with investing in capital goods in developing nations because developing nations
A) insure a small return on investment. B) always insure the investments. C) have a large portion of the world's unutilized or underutilized resources and hence profit potential. D) get the International Monetary Fund (IMF) to back investments through a series of loan guarantees.
Anne is an accountant who lost her job in the last recession and has given up looking for work after an unsuccessful job search. Which of the following is true in this case? a. She is a discouraged worker
b. She is underemployed. c. This is an example of cyclical unemployment. d. This is an example of seasonal unemployment. e. She is overemployed.