Jack refused to contribute money for building a public park when he was contacted individually. However, he readily agreed to donate when he was asked to contribute for a similar cause in front of his neighbors
Such behavior is an example of ________. A) pure altruism
B) consumerism
C) rationalism
D) impure altruism
D
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Which of the following could effectively destroy a monopoly structure?
a. the appearance of just one close substitute good b. its exclusive access to resources c. its patent on a new technology d. a government restriction on entry e. a merger of two once-competing firms
Since health care is considered a necessity with few substitutes, it has ______ demand.
a. elastic b. inelastic c. low d. decreasing
Which of the following statements is TRUE about the relationship among external, internal and social costs?
A) External cost is the difference between social and internal costs. B) Internal cost is the sum of social and external costs. C) Social cost is the difference between internal and external costs. D) none of the above
For the U.S. federal government, discretionary expenditures refer to
A) spending on entitlement programs. B) spending on imports and exports. C) spending on interest on federal debt. D) spending that must be authorized by Congress each year.