The notion of "purposeful behavior" in the economic perspective suggests that:
A. People will tend to stick with a particular choice for a long period of time
B. Economic analysis will provide people with a single "right" way to behave
C. Economists do not believe that people can sometimes behave impulsively
D. One person's choice may differ from another's if their circumstances and information differ
Answer: D
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If pollution is bad, why do we still use pollution-causing resources such as coal and oil to generate electricity?
A) Governments lack the political will to enforce the use of pollution free resources. B) The cost of using pollution free resources to generate power in many circumstances is much higher than generating that same power through conventional pollution-causing means. C) Pollution is only a private cost. D) The transaction costs of pollution is too low.
A firm produces staples in a perfectly competitive market and hires workers in a perfectly competitive labor market. Which of the following is true?
a. The supply curve of staples is horizontal. b. The supply curve of workers is horizontal. c. The firm's demand curve for labor is horizontal. d. The marginal revenue product of labor curve is horizontal. e. The marginal product of labor curve is horizontal.