___________ said that a person pursuing his own interest, "frequently promotes that of society more effectively than when he really intends to promote it."
Fill in the blank(s) with the appropriate word(s).
Adam Smith
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Milk costs $2 and the last unit provides $4 in marginal utility. Cheese costs $4 and the last unit provides $2 in marginal utility. Is this an efficient allocation of resources? If so, why? If not, why not?
If you kept your money under your mattress rather than keeping it in a savings account at your local bank,
A. you would not incur an opportunity cost. B. the opportunity cost of such an action would be the forgone interest of not putting the money in a savings account. C. the opportunity cost of such an action would be the gas money it took to drive to the bank. D. None of the choices are true.
The federal budget deficit topped $250 billion for the first time in fiscal year ________.
Fill in the blank(s) with the appropriate word(s).
As the economy recovers from a recession, we should expect that demand for:
A. inferior goods will fall and demand for normal goods will rise. B. all goods will rise. C. inferior goods will rise and demand for non-inferior goods will fall. D. all goods will fall.