Which of the following statements correctly defines demand?
a. peoples' willingness to supply goods at specific prices
b. the willingness and ability of people to buy goods and services at different prices
c. people's expectations of lower prices of goods and services
d. producer's expectations of selling more goods
e. the interaction of people's willingness to buy and sell goods
B
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The rational expectations hypothesis means that
A) economic agents can predict the future. B) economic agents do not make systematic errors. C) everyone expects everyone else to act rationally. D) economic agents reason with expectations.
If pollution is bad, why do we still use pollution-causing resources such as coal and oil to generate electricity?
A) Governments lack the political will to enforce the use of pollution free resources. B) The cost of using pollution free resources to generate power in many circumstances is much higher than generating that same power through conventional pollution-causing means. C) Pollution is only a private cost. D) The transaction costs of pollution is too low.
The marginal productivity principle has some relevance to organizing production in a socialist society
a. True b. False Indicate whether the statement is true or false
Refer to Figure 34.4. If an individual does not work, she or he will receive welfare benefits of
A. $12,500. B. $0. C. $5,000. D. $7,500.