The common currency of the Economic Monetary Union is the
a. franc.
b. pound.
c. euro.
d. mark.
c. euro.
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For a self-sufficient producer, the production possibilities frontier
a. is the same as the consumption possibilities frontier. b. is greater than the consumption possibilities frontier. c. is less than the consumption possibilities frontier. d. is always a straight line.
A 10 percent increase in the price of tablets leads to a 1 percent decrease in the quantity demanded of tablets. The absolute price elasticity of demand for tablets is
A) 9. B) 1. C) 0.1. D) 10.
The expected utility theory
A) predicts all actions involving uncertainty. B) predicts no actions involving uncertainty. C) predicts some, but not all, actions involving uncertainty. D) predicts only one in three actions involving uncertainty.
Neoclassical economic analysis tends to disregard the following motivations in people's decisions and actions, except:
A. Charity B. Selflessness C. Self-interest D. Focus on the common good