William was asked to contribute money for a retirement home. He agreed to contribute only if his name appeared on the list of donators in the newsletter published by the home every year. This is an example of ________
A) rationalism
B) liberalism
C) impure altruism
D) pure altruism
C
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Suppose a 4 percent increase in income results in a 2 percent decrease in the quantity demanded of a good. Calculate the income elasticity of demand for the good and determine what type of good it is
What will be an ideal response?
Which one of the following is not true?
a. An exchange rate is the price of one currency in terms of another. b. An exchange rate is the means by which the price of a good in one country is translated into the price to the buyer in another country. c. The cost of a foreign good in dollars will depend on the current exchange rate. d. The exchange rate will affect the willingness of foreign buyers and sellers to trade with each other. e. The exchange rate is the price of a currency in terms of another currency for exchanges of goods and services but not for financial transactions.
Assume that the supply of coffee in a competitive market decreases. What will most likely happen to the equilibrium price and quantity of coffee?
a. Price will increase; quantity will increase b. Price will decrease; quantity will increase c. Price will increase; quantity will decrease d. Price will decrease; quantity will decrease
Answer the following statements true (T) or false (F)
1. In the extraction of a nonrenewable resource such as coal, the mining firm faces "user costs" which refer to the cost of digging out the coal, running the mine, and transporting the coal. 2. If resource extraction companies can benefit from both present and future extraction, they will limit current extraction to only those units which are more profitable to extract in the present rather than in the future. 3. Definition of property rights is a key component to proper conservation of resources. 4. In the case of conflict diamonds, the strict enforcement of property rights has lead to too fast of a rate of extraction. 5. The price of harvesting a renewable resource does not affect when or how much of a renewable resource will be harvested.