A large and diverse community has suffered a two-month drought
In attempting to deal with the crisis, four identifiable groups emerge: one decides to pray, a second decides to engage in a rain dance, a third decides to use modern meteorological principles and "seed" the clouds, and a fourth decides to do nothing. From the standpoint of economic theory, A) individuals in the first and second groups are acting irrationally and inefficiently.
B) individuals in each group are acting efficiently, given their own values and understanding of ends and means.
C) the third group is the smartest.
D) the fourth group is the most selfish.
B
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Refer to the table shown. If the output of bicycles is 4 per week, the marginal cost of producing another bicycle per week is:Output(bicycles per week)Total cost (dollars)110022003310444055806730790081,200
A. $130. B. $140. C. $120. D. $110.
In recent years, what has happened to the role of property tax in funding state and local expenditures?
a. It been increased to replace sales and income tax. b. It has been used to provide grants to the federal government. c. It has been phased out to help older people keep their homes. d. It has been partially replaced with sales and income tax.
Regarding the output growth slowdown during the 1970s and 1980s, it is true that
a. the slowdown took place in the U.S. but not other developing countries. b. the primary determinant of the slowdown was lower labor productivity growth. c. increases in capital formation did not offset some of the slowdown in labor productivity growth. d. both b and c.
Why is it more difficult for the Fed to control the money supply today than it was fifty years ago?
What will be an ideal response?