Which of the following statements best reflects behavioral economists' views on self-interest versus the interests of others?
A. Self-interest dominates human behavior; even seemingly selfless behavior is driven by
self-interest.
B. Most people care so deeply about others that self-interest is a minor consideration in their
decision making.
C. The system is most efficient when people focus solely on their self-interest and allow the
invisible hand to work out what is best for society.
D. People are always self-interested to a degree, but their behavior is also affected by moral
and ethical considerations.
Answer: D
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If the quantity of money grows at 3 percent per year, velocity does not grow, and real GDP grows at 2 percent per year, then the inflation rate equals
A) -1 percent. B) 1 percent. C) 6 percent. D) 5 percent. E) 12 percent.
What is the result when real planned saving exceeds real planned investment spending?
A) The economy is in equilibrium. B) There is unplanned accumulation of business inventories. C) There is unplanned depletion of business inventories. D) Employment expands.