Governmental policy decisions have
(a) only social benefits.
(b) no private costs.
(c) intended and unintended effects.
(d) no social costs.
(c)
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The production function shows
A) the incremental output gained by improving the production process. B) the maximum output that can be produced from each possible quantity of inputs. C) the technology used to produce output. D) the total cost of producing a given quantity of output.
In the first years of a professional athlete's career, the athlete is "under reserve," which means that he or she cannot negotiate with other teams. This implies that, everything else equal,
A) the player's salary is probably higher than it otherwise would be. B) the player's salary is probably lower than it otherwise would be. C) the player's salary is probably the same as it otherwise would be. D) the player is not hired by the team.
One of the strengths of a socialist economy, according to those who advocate such a system, is that government intervention will enable a more equitable distribution of income
a. True b. False Indicate whether the statement is true or false
Which of the following is the opposite of rational behavior?
a. purposeful behavior b. logical behavior c. chaotic behavior d. spontaneous behavior