All of the following are assumptions of both market and public-sector decision making EXCEPT
A) Decisions are based on majority rule.
B) Decisions are motivated by individuals' self-interest.
C) Opportunity costs exist in decisions.
D) Choices reflect incentives faced by decision makers.
A
Economics
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When Frank's income rises from $29,000 to $34,000 per year, he increases his purchases of tomatoes from 20 pounds to 28 pounds per year
What is Frank's income elasticity of demand for tomatoes? (Use the midpoint formula.) According to Frank, are tomatoes an inferior or normal good?
Economics
If a person can make $70,000 as an accountant, $60,000 as a chef, $20,000 as a mechanic, and nothing as an opera singer, he or she has a comparative advantage in
A) accounting. B) being a chef. C) being a mechanic. D) opera singing.
Economics