The phrase "smart for one, but dumb for all" refers to the idea that the individual pursuit of self-interest:
A. always leads to an efficient outcome.
B. doesn't always lead to an efficient outcome.
C. only leads to an efficient outcome when everyone is well-informed.
D. never leads to an efficient outcome.
Answer: B
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Rent controls carry long-run unintended consequences, such as
A) a fairer price for people who can't afford market-determined rents. B) improved quality of apartment units. C) fewer apartment units as landlords seek substitute uses of their property. D) an increase in rental price competition among landlords.
The following is not an example of risk aversion
a. you don't lock your garage when you have expensive workshop tools b. you are more careful when you buy a more expensive car c. Individuals tend to gamble more with their money when the future is certain d. you only go swimming when the lifeguard is on duty
Microeconomics analyzes individual parts of the economy rather than broad economic aggregates
a. True b. False
To answer the question, refer to the following table showing a demand schedule: 
If price falls from $200 to $150,
A. an arrow representing the price effect points down and is longer than an arrow for the quantity effect. B. an arrow representing the quantity effect points up and is shorter than an arrow for the price effect. C. arrows representing the price and quantity effects both point down. D. total revenue moves in the same direction as the arrow representing the quantity effect. E. arrows representing the price and quantity effects both point up.