The Golden Rule "Do unto others as you would have done unto you" is an example of the economic concept of:
A. marginal utility.
B. altruism.
C. reciprocity.
D. selfishness.
C. reciprocity.
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A steep IS curve implies that
A) an increase in money supply will change output by a relatively small amount. B) a decrease in taxes will change output by a relatively small amount. C) changes in money supply will have large multiplier effects on output. D) A and B.
European agricultural practices perfectly served the colonists farming in the New World
Indicate whether the statement is true or false
If we save 20 percent of our income, our APC is
A. -0.2. B. 0. C. 0.2. D. 0.8.
A major factor contributing to the slow growth rate of less-developed economies is
A) the lack of well-defined and enforceable property rights. B) the lack of natural resources. C) the lack of workers. D) the high rate of illiteracy.