You decide to donate $5 to Jerry's Kids at the grocery store checkout, and get to sign your name to a shamrock and hang it in their window. This is an example of the economic concept of:
A. marginal utility.
B. altruism.
C. reciprocity.
D. selfishness.
B. altruism.
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The unemployment rate is obtained by
A) dividing the number of employed people by the number of unemployed people. B) dividing the number of employed people by the noninstitutional population. C) dividing the number of unemployed people by the noninstitutional population. D) dividing the number of unemployed people by the civilian labor force.
If firms and workers have rational expectations, including knowledge of the policy being used by the Federal Reserve, the short-run Phillips curve will be
A) vertical. B) flatter in the long run than it is in the short run. C) negatively sloped. D) positively sloped.
Imagine that the economy is at a point that is above both AA and DD, where both the output and asset markets are out of equilibrium. Which first action is TRUE?
A) The economy will stay at this level in the short run. B) The exchange rate will first drop to a point on the AA schedule. C) The exchange rate will first move to a point on the DD schedule. D) The AA-DD equilibrium will shift to the position of the economy. E) The exchange rate will first move left to a position on the AA schedule.
Bans are applied to:
A. common-resource problems. B. reduce the inefficiency created by overuse. C. situations where the optimal quantity of consumption is zero. D. All of these statements are true.