The 9/11 terrorists chose their plan of attack because Select one:
a. Their actions were unaffected by economic incentives.
b. It promised to produce the highest net benefits.
c. They were greedy and selfish.
d. The Pope and President Bush approved.
b. It promised to produce the highest net benefits.
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A more efficient means of processing tree bark to produce an anticancer drug is discovered. As a result, the supply curve for the drug will:
a. shift to the right, increasing the price of the drug. b. shift to the left, increasing the price of the drug. c. shift to the right, decreasing the price of the drug. d. shift to the left, decreasing the price of the drug.
In a free market economy, current consumption, saving and investment decisions
A) shape the future course of the national economy. B) are necessarily controlled by big businesses. C) require protection from foreign forces if individuals desire wealth accumulation. D) are controlled largely by the government.
Other things equal, which of the following might shift the demand curve for gasoline to the left?
A. The development of a low-cost electric automobile B. An increase in the price of train and air transportation C. A large decline in the price of automobiles D. The discovery of vast new tar sands oil reserves in Canada
Suppose the nominal interest rate is 10 percent annually, and you deposit $1,000. Inflation in the economy throughout the year is 6 percent. At the end of the year, you have earned:
A. a real rate of return of 4 percent. B. a nominal increase in your savings of $100. C. an increase in your purchasing power. D. All of these statements are true.