What is the social interest? Distinguish it from self-interest. In your answer give an example of self-interest and an example of social interest
What will be an ideal response?
The social interest looks at what is best for society as a whole; choices that are best for society as a whole are said to be in the social interest. The self-interest looks at what is best for the individual; choices that are best for the individual making the choice are said to be in the self-interest. An example of a choice made in the self-interest is a student's decision to take an economics class. An example of a choice made in the social interest is a firm's decision to reduce its air pollution.
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The figure above shows the U.S. demand and U.S. supply curves for cherries. At a world price of $2 per pound, the production of cherries in the United States will equal
A) 200,000 pounds. B) 400,000 pounds. C) 600,000 pounds. D) 800,000 pounds. E) 0 pounds.
Inflation is best described as a situation in which
A) relative prices are changing. B) some prices are rising faster than others. C) relative prices are changing, but the purchasing power of the dollar is unchanged. D) the average of all prices are on a sustained rise over a period of time.