Economists generally assume
A) individuals act strictly in the public interest.
B) individuals are never concerned with the interests of other people.
C) individuals rarely promote the projects in which they are interested.
D) none of the above.
D
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Edward is an unmarried man with no children. He loses his job as the manager of a company. After three years of job searching, Edward manages to finally get a job in a small company. Edward's three years of unemployment are most likely to result in _____
a. a loss of lifetime earnings for Edward b. a loss of human capital for the broader society c. the deterioration of health for the broader society d. a loss of social cohesion for the broader society
The rate of full employment is usually considered to be:
(a) 100%. (b) 98%. (c) 97%. (d) 96%.
Suppose that the market for engagement rings is in equilibrium. Then political unrest in South Africa shuts down the diamond mines there. South Africa is the world's primary supplier of diamonds. What will happen?
A. The supply of engagement rings will increase. B. The equilibrium quantity of engagement rings will decrease. C. The demand for engagement rings will decrease. D. The equilibrium price of engagement rings will decrease.
Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, consumer surplus equals area(s)
A. B + C + E + F. B. A. C. A + B + C + E + F. D. A + B + C + D.