The phrase "smart for one, but dumb for all" refers to the idea that the individual pursuit of self-interest:
A. never leads to an efficient outcome.
B. doesn't always lead to an efficient outcome.
C. always leads to an efficient outcome.
D. only leads to an efficient outcome when everyone is well-informed.
Answer: B
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A customs union is a(n)
a. tax on an imported good b. union of similarly skilled workers c. group of countries that agree on common trade policies d. union of countries with similar customs e. agreement that affects intra-country trade
Under the gold standard, a country experiencing a gold outflow
a. has a balance of payments surplus. b. had an increasing money supply. c. experienced a decline in output. d. experienced an increase in output.
Macroeconomists pay little attention to the composition of aggregate output
a. True b. False Indicate whether the statement is true or false
A good for which the demand falls when income rises
a. demand curve b. income effect c. elastic d. inferior good