The economic way of thinking assumes
A) people act selfishly.
B) people act altruistically.
C) people act to promote the projects in which they are interested.
D) people do not act at all; they merely react to the environment around them.
C
You might also like to view...
Izzy Amador is a highly talented tattoo artist. She has chosen to specialize in tattoo art because of all of the following except
A) for her, this is the most lucrative way to purchase the products that she wants to consume. B) her tattoos are highly esteemed by tattoo lovers who are willing to pay very high prices. C) her opportunity cost of pursuing another career is very low. D) she obviously has a comparative advantage in tattoo art.
The ability to engage in product differentiation is one of the factors a manager or owner of a firm can control in order to create value for consumers
Indicate whether the statement is true or false
Suppose the real money demand function is
Md/P = 2400 + 0.2Y - 10,000 (r + ?e). Assume M = 5000, ?e = .03, and Y = 5000. If the price level were to decrease from 2.5 to 2.0, then the real interest rate would decrease by how many percentage points (assuming Md, ?e, and Y are unchanged)? A) 4 B) 5 C) 9 D) 14
Suppose the demand function for a good is expressed as Q = 100 - 4p. If the good currently sells for $10, then the price elasticity of demand equals
A) -1.5. B) -0.67. C) -4. D) -2.5.