Critics argue that society is depleting its energy resources far too quickly. The most likely explanation for this behavior is that
A. firms try to avoid making irreversible decisions about resource depletion.
B. investors expect interest rates to fall continuously in the future.
C. individuals tend to value their own well-being more highly than the well-being of future generations.
D. people do not have what Pigou called a “defective telescopic faculty.”
Answer: C
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In the Keynesian aggregate consumption-income graph, the vertical distance between the consumption function and the 45-degree line shows the:
a. amount of savings (or dissavings) at that level of disposable income. b. amount of disposable income at that level of consumption. c. increase in planned business investment at each level of inflation. d. increase in income that causes each change in real GDP.
Which of the following would be an example or result of expansionary fiscal policy in action?
a. an increase in taxation b. a decrease in government purchases c. a budget deficit d. a budget surplus