Adam Smith noted that people are adept at which of the following?
a. Confusing themselves if given the chance.
b. Proving the truth of "Murphy's Law."
c. Denying themselves for the sake of others.
d. Pursuing their own self-interest.
e. All of the above are correct.
d
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The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel
If the market is competitive and unregulated, the equilibrium quantity of steel is ________ tons and the efficient quantity of steel is ________ tons. A) 2; 2 B) 2; 4 C) 4; 2 D) None of the above answers is correct.
According to the table above, ________ percent of total income is redistributed from the highest income group
A) 4.7 B) 2.3 C) 1.5 D) 3.8
Refer to Figure 4-3. If the market price is $3.00, what is the consumer surplus on the second ice cream cone?
A) $0 B) $0.50 C) $3.00 D) $5.50
How are unemployment, inflation, and the business cycle related?
What will be an ideal response?