People choose to do something:
A. when they believe the costs outweigh the benefits of the decision.
B. when they believe their decision cannot be questioned by anyone else.
C. when they believe it won't harm anyone and will better themselves.
D. when they believe the benefits outweigh the costs of the decision.
Answer: D
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The police powers of the government include
(a) price fixing. (b) licensing. (c) inspection. (d) all of the above.
According the traditional Keynesian approach, an increase in government spending is effective in raising real Gross Domestic Product (GDP) if
A) the price level is fixed. B) the price level is flexible. C) the price level does not exist. D) Ricardian equivalence occurs, regardless of the price level.
Which of the following is a question that an economist would use to break down a problem?
A. Will the average income per person for the society increase? B. Does the decision maker have a track record of being rational? C. Is there a scarce resource that will be allocated? D. How might one person feel about the solution to the problem?
Frequent substantial fluctuations in the exchange rate can ____________ international trade with an economy.
a. disrupt b. stabilize c. support d. encourage