In general, risk-loving individuals experience increasing marginal utility from income.
Answer the following statement true (T) or false (F)
True
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In a report made to the U.S. Congress in 2001, the National Academy of Sciences cautioned that if fuel economy encourages the production of smaller and lighter cars, "Some additional traffic fatalities would be expected"
This statement suggests that A) U.S. auto manufacturers are more concerned about producing fuel efficient cars to compete with their Japanese and South Korean rivals than about consumer safety. B) there is a tradeoff between safety and fuel economy. C) society should value fuel economy more highly than consumer safety because of the long-term environmental benefits generated by less gasoline use. D) society should value safety more highly than fuel economy.
If the Fed decreases the money supply, gross domestic product: a. increases by the same amount as the increase in the interest rate
b. decreases by a greater amount than the increase in the interest rate because of the multiplier. c. decreases by the same amount as the decrease in investment. d. decreases by a greater amount than the decrease in investment because of the multiplier. e. decreases by a lesser amount than the decrease in investment because of the multiplier.
The most common data for testing economic theories come from
a. carefully controlled and conducted laboratory experiments. b. computer models of economies. c. historical episodes of economic change. d. centrally planned economies.
The market will produce ________ level of education when we ________ its external benefits.
A. more than an efficient; do not consider B. more than an efficient; do consider C. an efficient; do not consider D. less than an efficient; do not consider