Which of the following is true?
A) Changes in personal costs and benefits will exert a predictable influence on the choices of people.
B) If the intentions behind a policy are good, you can be assured that the outcome will be desirable.
C) If a good is provided free to an individual by government, its production will not consume valuable scarce resources.
D) If one individual gains from an economic activity, then someone else must lose.
A) Changes in personal costs and benefits will exert a predictable influence on the choices of people.
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Someone saying that he wants to lose weight, but ordering dessert is an example of:
A. rational decision making. B. rational behavior. C. irrational behavior. D. utility-maximizing behavior.
In a monopoly market structure, the firm (the monopolist) always
A) is the whole industry. B) produces too much. C) sells faulty products. D) earns economic profit.
When workers are paid a wage that is less than their contribution to a monopsonist's revenues
A) this is sometimes referred to monopsonistic exploitation. B) this is sometimes referred to as an incentive. C) they seek part time employment. D) they file a grievance with their union representative.
Saving is disposable personal income not spent on consumption
a. True b. False Indicate whether the statement is true or false