Ed promises his wife that he will mow the lawn on Saturday morning, but when Saturday morning arrives he changes his mind and says he will do it on Sunday. What insight about human behavior can be deduced from Ed's decision?
People are inconsistent over time.
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According to the textbook authors, pollution is a growing "social" problem because
A) only society, rather than individuals, pollutes. B) pollution is inefficient. C) pollution is economically efficient. D) more people are beginning to question the moral and legal rights of polluters.
Which of the following is NOT considered to be an economic resource?
A) your economics professor B) the telephone company repair truck C) the local gas station D) a view of the stars on a clear night
Which of the following could not serve as commodity money?
a. diamond b. gold c. paper d. fur e. silver
A state government wants to increase the taxes on cigarettes to increase tax revenue. Because cigarettes are addictive, we would expect its demand to be:
A. Elastic, thus the government's cigarette-tax revenues would rise with a tax increase B. Elastic, thus the government's cigarette-tax revenues would fall with a tax increase C. Inelastic, thus the government's cigarette-tax revenues would fall with a tax increase D. Inelastic, thus the government's cigarette-tax revenues would rise with a tax increase