If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock.
B. long-run supply shock.
C. long-run demand shock.
D. short-run demand shock.
Answer: B
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If demand is ________ with respect to price, a price increase will ________ total revenue.
A. inelastic; decrease B. inelastic; increase C. elastic; increase D. unit elastic; decrease
In general, the more risk averse a plaintiff is, the ________ willing the plaintiff is to settle, and the ________ the amount the plaintiff will accept to settle.
A) less; higher B) more; lower C) more; higher D) less; lower
Shelter for homeless people is an example of:
A. something they can live without. B. a want. C. a need. D. something hard to find.
Recall the Application about the external cost of young drivers to answer the following question(s).Recall the Application. If the external costs of drivers on average could be internalized by a vehicle mileage traveled tax of 4.4 cents per mile, then you would expect that to fully internalize the external costs of accidents by drivers older than 70 to be:
A. 4.4 cents per mile. B. lower than 4.4 cents per mile. C. higher than 4.4 cents per mile. D. zero as there are no externalities in driving.