The Federal Open Market Committee (FOMC) regulates markets and enforces antitrust laws to keep markets open and competitive.
Answer the following statement true (T) or false (F)
False
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What is meant by "the value of a statistical life"? Why is it calculated?How is it used by policymakers?
What will be an ideal response?
If a firm faces a downward-sloping demand curve
A) it will always make a profit. B) the demand for its product must be inelastic. C) it can control both price and quantity sold. D) it must reduce its price to sell more units.
There was a recent report that burglaries occur much more frequently in homes that are not as well kept as homes that have attractive landscaping and a more lavish appearance. This may seem odd because the value of the contents of the better homes would be worth far more to thieves. If a robber knows that the owners of one of each type of house is gone for the weekend, why would a rational robber break into the less lavish home?
What will be an ideal response?
Which of the following statements represents bad decision making?
A. I've put in so much time on this paper, I can't quit now. B. I've already paid for the ticket so I might as well stay to the end. C. I've already spent 3 years in the college so I can't drop out and go to work now. D. My stock has dropped $10 a share so I can't afford to sell it now. E. all of the above.