Explain the difference between self-interest and selfishness.
What will be an ideal response?
Acting out of selfishness means having no concern about what benefits others or society as a whole. A selfish person is mainly concerned with his or her own personal profit or pleasure. By self-interest, economists simply mean that people try to improve their own situation (as they see it, not necessarily as others see it). Acting out of self-interest can often include acts that help others. For example, a person can give money to a charity to get the satisfaction of benefiting those in need. Thus, self-interest is not the same as selfishness.
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Compared with the U.S., developing countries
a. face geographic conditions that limit productivity. b. have universal health care that prevent the spread of diseases. c. more political stability. d. higher levels of educational attainment.
In competitive labor markets, ________ demand labor and ________ supply labor.
A. firms; labor unions B. firms; workers C. workers; firms D. labor unions; firms
If there is a mismatch between the skills of unemployed workers and the needs of employers, economists say that there is
A. structural unemployment. B. frictional unemployment. C. per capita unemployment. D. cyclical unemployment.
Which of the following factors does NOT shift the demand curve for money?
A. changes in the interest rate B. changes in the price level in the economy C. changes in real income D. changes in real GDP