When the benefits of conservation and future use are excluded from a cost-benefit analysis, there is a tendency to:
A. more efficiently allocate resources.
B. overvalue future resources by considering them "priceless."
C. stop resource extraction.
D. extract and use resources as quickly as possible.
Answer: D
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The market price of existing bonds is ________ to the rate of interest prevailing in the economy
A) directly related B) inversely related C) synonymous D) totally unrelated
The cost-benefit analysis on the financial impact smokers have on society conducted by Vanderbilt professor Kip Viscusi concludes that
A) smokers provide a net public service to society. B) smokers are a financial drain on society. C) smokers contribute less to retirement and pension programs than they receive from those programs. D) smokers account for about 32 cents of net cost to everyone else in society for every pack of cigarettes smoked.
Suppose the refrigerator repairman charges you for two hours of labor even though he could have fixed it in ten minutes. This is an example of
a. natural selection b. moral hazard c. hidden actions d. external costs e. hidden characteristics
Ethics is about making good decisions. Sometimes it is hard to see what economics has to do with ethics until you remember that economics is often defined as the:
A. science of choice. B. study of production techniques. C. key branch of theology. D. study of market failures.