If people act as if they systematically pursue their own self-interest, then they will most likely
A) respond irrationally to any incentive.
B) respond to a given incentive in a random manner.
C) respond predictably to a given incentive.
D) not respond to any incentive.
C
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Why must total income be identical to the dollar value of total output?
What will be an ideal response?
If new firms enter the computer manufacturing industry, then, holding all other things constant,
A. each “old” manufacturer must sell fewer computers than before. B. some “old” manufacturers must exit the industry. C. the equilibrium price of computers will rise. D. the equilibrium quantity demanded of computers will rise.
An advantage of macroeconomic policy based on pre-specified rules might be that ________
A) it is easier to stick to long-run considerations and avoid bad long-run outcomes B) it is more flexible than discretionary policy C) it is easier to adapt to short-run changes and avoid a bad short-run outcome D) all of the above E) none of the above
The problem of political instability has been greatest in which continent?
A. South America B. Europe C. Asia D. Africa