Propecia was developed to treat mild to moderate male pattern hair loss in men. Marco has hair loss and he is willing to pay any amount of money to be able to buy this drug each month. Marco's price elasticity of demand is ________
A) perfectly inelastic
B) perfectly elastic
C) elastic
D) inelastic
A
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Which of the following is the Fed's monetary policy instrument?
A) the demand for reserves B) the supply of reserves C) the federal funds rate D) the core inflation rate E) the output gap
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. Suppose Country B decides to specialize in tomatoes, and Country A specializes in bananas. What terms of trade would both countries agree to? One tomato for:
A. one banana B. two bananas C. four bananas D. six bananas
In which of the following situations will the profit of a perfectly competitive firm always increase with an increases in its output?
a. When price is greater than marginal revenue b. When price is less than marginal revenue c. When price is greater than marginal cost d. When price is less than marginal cost e. When price is equal to marginal cost
The government's health plan for the elderly is called
a. Medicaid. b. Medicare. c. Social Security. d. food stamps.