Answer the following statement(s) true (T) or false (F)
1. Economists mostly observe and study what people think, not what they do.
2. Our charitable actions for others are influenced by our assessment of our own benefits and costs.
3. Rational self-interest means that individuals try to weigh the expected marginal benefits and marginal costs of their decisions.
4. Theories and models are more complex versions of the real world used to explain and predict behavior.
1. False
2. True
3. True
4. False
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Compared to the U.S. production function, the European production function is
A) lower. B) the same. C) higher. D) lower than the U.S. production function at low levels of employment and higher than the U.S. production function at high levels of employment. E) higher than the U.S. production function at low levels of employment and lower than the U.S. production function at high levels of employment.
The voices of business and industry are less likely to influence government policy than the voices of consumers in the HPAE
Indicate whether the statement is true or false
If the marginal utility of Jordyn's 100th dollar of income is 40 utils and the marginal utility of Joshua's 10th dollar is 135 utils, we know
a. money means more to Jordyn than to Joshua b. money means more to Joshua than to Jordyn c. Jordyn has more income than Joshua d. Joshua has more income than Jordyn e. nothing, since we can't make interpersonal utility comparisons
The Consumer Price Index was 115 one year and 120 the next year. The rate of inflation from one year to the next was approximately:
A. 2.2 percent. B. 3.4 percent. C. 4.3 percent. D. 2.9 percent.