The motivation for collective action is to do things that benefit society as a whole
a. True b. False
b
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Research estimates that the medical spending for obesity-related diseases was
a. About the same as for healthy individuals. b. Ironically, much less than for healthy individuals. c. about $86 billion. d. about 9.1% of total medical spending. e. both c and d.
Which of the following is not considered a barrier to entry?
a. large economies of scale b. control of inputs used in production c. a homogeneous product d. patents e. copyrights
If many people in a community get flu shots, the whole community benefits including those that did not get flu shots. Therefore, not enough people may decide to get the shots. This is one illustration of:
A. The market allocating resources efficiently B. Monopoly power due to lack of competition C. Supply-side market failure D. Demand-side market failure
Consider the following game. You roll a six-sided die and each time you roll a 6, you get $30. For all other outcomes you pay $6. Since the expected value of this game is $0, the game is called a(n)
A. fair bet. B. even game. C. zero sum game. D. gamble.