Legislation to protect red-cockaded woodpeckers created incentives that resulted in premature harvesting of trees the woodpeckers like to nest in. This is an example of which of the following?
a. Association is not causation.
b. the fallacy of composition
c. the use of ceteris paribus conditions in economic analysis
d. Good intentions do not always lead to desirable outcomes.
D
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The labor supply curve bends backward because
A. income effects are greater than substitution effects at higher wages. B. substitution effects are greater than income effects at higher wages. C. income effects are greater than substitution effects at lower wages. D. substitution effects are greater than income effects at lower wages.
The federal agency that ensures that potential security purchasers are well informed is the
A) FCC. B) FTC. C) NRC. D) SEC.
The employment-to-population ratio in the U.S. is expected to decline as the baby boom generation retires
a. True b. False
Aggregate demand shifts left if
a. government purchases increase and shifts left if stock prices rise. b. government purchases increase and shifts left if stock prices fall. c. government purchases decrease and shifts left if stock prices rise. d. government purchases decrease and shifts left is stock prices fall.