The phrase "smart for one, but dumb for all" refers to the idea that the individual pursuit of self-interest:
A. never leads to an efficient outcome.
B. doesn't always lead to an efficient outcome.
C. always leads to an efficient outcome.
D. only leads to an efficient outcome when everyone is well-informed.
Answer: B
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A rise in the price of a product lowers the total revenue from the product if the
A) income elasticity of demand exceeds 1. B) good is an inferior product. C) demand for the product is inelastic. D) demand for the product is elastic.
Why is it true that domestic product and national income must be equal?
a. The IRS national accounting system assures that taxes equal total income. b. The total amount of spending must equal total national sales. c. The value of final product must equal the sum of resource income that produced it. d. The total amount of income earned is eventually spent.