When the text refers to rational self-interest, it means
A) your looking out for what is best for you as an individual.
B) your focus on your own contributions to society.
C) behavior that makes society better off.
D) behavior that helps your employer earn higher profits.
A
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If expectations are formed adaptively, then people
A) use more information than just past data on a single variable to form their expectations of that variable. B) often change their expectations quickly when faced with new information. C) use only the information from past data on a single variable to form their expectations of that variable. D) never change their expectations once they have been made.
The law of demand says that as the price of a good rises, the quantity demanded of the good tends to fall
a. True b. False
According to the theory of efficiency wages, it may be profitable for firms to keep wages high even in the presence of a surplus of labor
a. True b. False Indicate whether the statement is true or false
One of the management groups is arguing for a price reduction as a way to sell more gallons and increase income. Is this a good suggestion?
What will be an ideal response?