Explain why economists believe that an individual who commits a crime does so acting in his/her own self-interest
It is expected that the individual committing a crime is trying to make her/himself better off, and has considered the potential consequences of her/his actions (perhaps getting caught and punished).
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Vineyards can grow either red wine grapes or white wine grapes on their land. Which of the following would cause the supply of red wine grapes to decrease?
A) an increase in the price of white wine grapes B) an increase in the demand for red wine grapes C) a decrease in the price of white wine grapes D) an increase in the price of red wine
The ________ states that the nominal interest rate equals the real interest rate plus the expected rate of inflation
A) Fisher equation B) Keynesian equation C) Monetarist equation D) Marshall equation
Refer to the above figure. For which Lorenz curve does the richest 25 percent make 50 percent of the nation's money income?
A) A B) B C) C D) D
Rebecca and Leah are roommates. Rebecca likes to study with the music playing loudly and Leah needs quiet when she studies. Rebecca would be willing to pay $5 a night to hear music while Leah would be willing to pay $10 a night for the quiet. In this situation
a. Leah should pay Rebecca $7.50 a night to not listen to music, because that would be a Pareto improvement b. Rebecca should stop listening to music because that would be a Pareto improvement c. There is no action that would create a Pareto improvement d. Rebecca should pay Leah $7.50 a night to listen to music, because that would be a Pareto improvement e. Leah should pay Rebecca $4.50 a night to not listen to music, because that would be a Pareto improvement