Rational choice by an individual implies
a. the use of some mathematical model when solving a problem
b. making decisions aimed at achieving some predetermined goal
c. that only monetary costs and benefits are weighed
d. that an individual will never regret any action taken
e. that scarcity can be eliminated for that individual
B
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From which of the following goods is it most difficult to exclude free riders?
A) Tickets for the Newport Jazz Festival B) Food and beer sold at the Newport Jazz Festival C) Programs and souvenirs sold at the Newport Jazz Festival D) A radio simulcast of the Newport Jazz Festival
In an open economy, an increase in net exports because of increased demand for domestic products by foreigners should cause the domestic real interest rate to ________ and should cause desired saving minus desired investment to ________
A) rise; rise B) rise; fall C) fall; rise D) fall; fall