Economic theory assumes that voters, politicians, and other political participants are largely motivated by
a. personal self-interest.
b. altruism.
c. a desire to promote the general welfare.
d. a desire to promote allocative economic efficiency.
a
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Real GDP is $9 trillion in the current year and $8.6 trillion in the previous year. The economic growth rate between these years has been
A) 5.67 percent. B) 4.65 percent. C) 10.31 percent. D) 7.67 percent. E) $0.4 trillion.
Use the above table. What will the price be when external costs are internalized with a tax?
A) $14 B) $13 C) $12.20 D) $1.80
Describe the differences between capitalism and socialism
Exhibit 4-8 Demand and supply curves
In Exhibit 4-8, a movement from A to B in which price has decreased and quantity has increased is best explained by a(n):
A. increase in supply and demand. B. decrease in supply and demand. C. increase in supply that dominates a decrease in demand. D. increase in demand that dominates a decrease supply.