Transfer payments include:
a. government spending on tanks and planes.
b. government spending on national forests and parks.
c. the salaries of senators and federal judges.
d. welfare benefits and Social Security payments.
d. welfare benefits and Social Security payments.
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Net present value of a project equals:
A) Discounted Benefit - Discounted Cost. B) Discounted Cost × Discounted Benefit. C) Discounted Cost/Discounted Benefit. D) Discounted Benefit/Discounted Cost.
The primary determinant of patterns of interregional trade is
A) accidents of history. B) resource allocations. C) factor abundance. D) weather. E) centralized optimization.
Jane is trying to decide which courses to take next semester. She has narrowed down her choice to two courses, Econ 1 and Econ 2. Now she is having trouble and cannot decide which of the two courses to take
It's not that she is indifferent between the two courses, she just cannot decide. An economist would say that this is an example of preferences that: A) are not transitive. B) are incomplete. C) violate the assumption that more is preferred to less. D) all of the above
Which of the following is a TRUE statement about the economic assumption of rationality?
A) Individuals who are rational necessarily ignore the interests of others. B) Individuals generally act as though they are rational. C) Individual behavior may be irrational but group behavior is always rational. D) People make decisions as if they are omniscient.