Which of the following is least likely to induce precautionary saving?
a) the decision to retire from work at age 62
b) the possibility of being laid-off from work
c) the uncertainty of one’s lifetime
d) the risk of becoming ill
e) the prospect of a potentially large tax increase in the future
a) the decision to retire from work at age 62
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The demand for a good is elastic if the price elasticity of demand is:
A. equal to one. B. equal to zero. C. less than one. D. greater than one.
When a price support is set above the equilibrium price, producers ________ the quantity supplied and consumers ________ the quantity demanded
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) do not change; do not change
Expansion of a nation's human capital can be achieved through
A) education and training. B) education and saving. C) education and technology improvements. D) education only. E) nothing because human capital is determined by the skills people are born with.
In the prisoner's dilemma:
A. a cooperative win-win outcome can be predicted. B. a dominant strategy exists for only one player. C. a non-cooperative outcome is predicted. D. All of these statements are true.