The self-interest assumption is central to the analysis of behavior in both private and public sectors
a. True
b. False
Indicate whether the statement is true or false
True
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In the United States, real GDP is currently calculated using
A) a variable-weighting scheme. B) a chain-weighting scheme. C) a fixed-weighting scheme. D) an autoregressive scheme.
Economic theory suggests politicians will be most likely to favor redistribution of income from
What will be an ideal response?
Inefficient production or unemployment exists when the economy is ________ the production possibilities curve.
A) operating inside B) operating on C) operating outside D) moving along
Suppose that iPhones are normal goods. If the income of iPhone users decreases, you predict that in the market for iPhones
A. both equilibrium price and quantity will increase. B. both equilibrium price and quantity will fall. C. equilibrium price will increase and quantity will decrease. D. equilibrium price will fall but quantity will increase.