Even though 80,000 individuals in the United States wait for kidney transplants and, for a price, there are many individuals who would be willing to supply a kidney (a healthy person can donate one kidney without any problems), it remains illegal to buy and sell organs in the United States. A market for kidneys does not exist because of:
A. social forces.
B. market forces.
C. economic forces.
D. political forces.
Answer: D
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America’s antitrust laws are used to protect competition against possible encroachment by monopoly. This is an example of government as
A. regulator of businesses. B. buyer of goods and services. C. tax collector. D. redistributor.
In order to help the economy recover from a recession using fiscal policy, the government can ________ so that aggregate demand increases
A) cut taxes B) raise taxes C) cut government expenditure on goods and services D) raise interest rates E) decrease the quantity of money
If a union succeeds in increasing the wage rate by restricting labor supply, then
A) all of its members will be better off. B) some members may lose their jobs. C) all of its members will be worse off. D) more of its members will be employed.
Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfare is $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1,400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfare is $450. What is the opportunity cost of using the coupon for the Miami trip?
A. $450 B. $100 C. $500 D. $550