Which of the following consumer choices is most likely made from non-selfish motives?
a. buying two cartons of diet Coke because you are addicted to the drink
b. buying clothes on sale even though the manufacturer uses sweat shops
c. buying a more expensive washing machine because it is environmentally friendly
d. buying the cheapest cell phone because you cannot afford to pay more
c. buying a more expensive washing machine because it is environmentally friendly
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When access to a common property is unrestricted, why does the resulting social gain fail to be as large as possible? How can an entrance fee increase social gain in this situation?
What will be an ideal response?
Since the U.S. government can continue to issue new Treasury bonds, bills, and notes as old ones mature, we do not necessarily have to worry about suddenly have to pay back all of the national debt
a. True b. False Indicate whether the statement is true or false
In which of the following cases would the quantity of money demanded be smallest?
a. r = 0.06, P = 1.2 b. r = 0.05, P = 1.0 c. r = 0.04, P = 1.2 d. r = 0.06, P = 1.0
Constant returns to scale implies that if N and K both increase by 3% that
A) output (Y) will increase by 3%. B) Y/N will increase by 3%. C) Y/N will increase by less than 3%. D) the capital-labor ratio will increase by 3%.