According to economists, which of the following is a good predictor of human behavior in most situations?
a. obligation
b. altruism
c. selfishness
d. self-interest
d. self-interest
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Kenneth Chay and Michael Greenstone examined the impact of reductions in air pollution since the passage of the Clean Air Act of 1970. Which of the following statements summarizes their findings?
A) In the two years following passage of the Act, fewer infants died than would have died if the Act had not been passed. B) The benefits of reducing the six main air pollutants in the two years following the Act greatly exceeded the costs. C) The marginal cost of reducing emissions of sulfur dioxide has increased over time as the marginal benefit of the reductions has increased. D) The marginal benefit of reductions in air pollution was less than the marginal cost.
Patents and copyrights create incentives for individuals to create information that might not be produced otherwise
Indicate whether the statement is true or false
If the U.S. can produce pizza for $5 each and barrels of beer for $25 each, and Germany can produce pizza for $7 each and barrels of beer for $21 each, then Germany has
A) a comparative advantage in the production of beer. B) an absolute advantage in the production of beer. C) a comparative advantage in the production of pizza. D) a comparative advantage in the production of beer and pizza.
In an economy experiencing a persistently falling price level:
a)potential GDP will necessarily exceed actual GDP. b) changes in nominal GDP may either overstate or understate changes in real GDP. c) changes in nominal GDP understate changes in real GDP. d)changes in nominal GDP overstate changes in real GDP.