The predictions that the Obama administration used to justify the stimulus plan have been shown to be (according to most economists)
A. wrong; the plan did not work as well as their predictions suggested it would but did have some positive impact.
B. wrong; the plan had no positive impact and has been credited with extending the recession of 2007-2009.
C. right on the mark.
D. wrong; the plan worked much better than their predictions suggested it would.
Answer: A
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Because of asymmetric information, most used cars that are offered for sale will be sold for prices that are greater than their true value. Because of this fact, the used car market falls victim to
A) the free-rider problem. B) adverse selection. C) deadweight loss and economic inefficiency. D) a surplus of used cars.
Patents and copyrights
a. are illegal in the United States b. reduce barriers to entry in markets c. protect small firms from large firms d. lead to increased output and decreased prices e. provide incentives for firms to engage in research and development
What does producer surplus measure?
a) the well-being of society as a whole b) the well-being of sellers c) the well-being of buyers and sellers d) the well-being of buyers
"Framing effects" suggest that the wording of questions affects people's survey responses.
Answer the following statement true (T) or false (F)