Economic theory looks at social coordination as a process of
A) continuing mutual adjustments to the situations created by the actions of others.
B) continuous adjustment of extremes to conform to the average.
C) passing information up from below and instructions or commands down from above.
D) sacrificing personal interest to the public or general interest.
E) sacrificing the public interest to self-interest.
A
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Refer to the scenario above. What is the net present value of buying the warranty?
A) $3.75 B) -$10.18 C) $15.54 D) -$30
The antebellum period was characterized by many changes in tariff rates. What best describes the effect of removing a tariff on foreign cotton textiles?
a. The total supply curve of textiles would shift back. b. The price of both foreign-made and domestic-made textiles would decrease. c. The price of foreign-made textiles would decrease and the price of domestic-made textiles would increase. d. The total (foreign and domestically produced. quantity of textiles purchased in the US would decrease. e. The real income of textile consumers would decrease.