The fact many people give to charity, and the fact that most people obey the law regardless of whether someone's watching or not, are field evidence for:
A. The invisible hand
B. Fairness
C. Self-interest
D. Cognitive biases
B. Fairness
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College education tends to result in a positive externality because the recipient receives the full benefit of the education
Indicate whether the statement is true or false
Electricity accounts for almost 20% of the cost of making steel. A 10% increase in electricity prices results in steel firms decreasing production and thereby demanding 5% less electricity
Over many years, technological innovations can change the way steel firms make steel and reduce the industry's energy requirements. This suggests that the steel industry's short-run elasticity of demand for electricity is probably A) less than one in absolute terms in the short run. B) less than its long-run elasticity of demand for electricity. C) Both A and B above. D) Neither A nor B above.
The investment and capital spending boom of the late 1990s most likely resulted in a(n)
a. increase in aggregate supply. b. decrease in aggregate supply. c. steeper aggregate supply curve. d. flatter aggregate supply curve.
Inflation:
a. Never hurts the economy. b. Only hurts the economy as a whole when it is not expected. c. Never redistributes income and wealth. d. Hurts the economy when incentives are affected.