The economic way of thinking views government as a social institution
A) in which people do not compete.
B) in which the public interest has priority over private interests.
C) whose actions are controlled by the will of the majority.
D) whose actions are determined by individuals' perceptions of their self-interest.
D
Economics
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In 2008, the nominal minimum wage rate was $7.25 an hour and the CPI was 200. The real minimum wage rate in 2008 was
A) $3.63 an hour. B) $14.50 an hour. C) $1450 an hour. D) $26.32 an hour. E) $7.25 an hour.
Economics
The reduction in consumer and producer surplus that results from underproduction is called
A) an internal cost. B) a deadweight loss. C) a quantity loss. D) None of the above answers is correct.
Economics