The economic way of thinking stresses that
a. changes in personal costs and benefits generally fail to exert much impact on behavior.
b. incentives matter--individuals respond in predictable ways to changes in personal costs and benefits.
c. if one individual gains from an economic activity, then someone else must lose and in the same proportion.
d. if a good is provided by the government, its production will not consume valuable scarce resources.
B
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An inside lag is the time period it takes for the stabilization policies to take effect after they have been implemented
Indicate whether the statement is true or false
Deregulation of the airline and trucking industries was followed by the creation of many new firms.
Answer the following statement true (T) or false (F)
The skills, training, and education possessed by workers contribute to economic growth
A. by increasing saving. B. by increasing the quality of labor. C. by increasing the quantity of labor. D. by increasing real wages.
Public choice economics studies:
A. what individuals choose for themselves. B. how individuals are affected by advertising. C. public sector decision making. D. None of these