Most of economic analysis assumes that most people act as if they are:
a. motivated by submerged emotional needs
b. driven by magnetic forces generated by planetary movements.
c. motivated primarily by concern for the well-being of others.
d. motivated by self-interest.
d
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Currency held by the nonbanking public is a medium of exchange
a. True b. False Indicate whether the statement is true or false
One of the main differences between production processes among different parts of the world has to do with the quality of capital. Many development economists point out the fact that high-income countries usually have access to more and better capital than less-developed counties. What would be the effect of this difference in terms of isoquants used by high-income countries versus the isoquants used by low-income countries? Use an isoquant map in order to illustrate your answer.
What will be an ideal response?
Refer to the above figure. Between points f and g, the opportunity cost of producing 75 more bushels of wheat is
A. 4 bushels of beans. B. 100 bushels of beans. C. 1 bushel of beans. D. 25 bushels of beans.
Refer to the figure at right. Moving from point A to point B indicates