One way to increase economic efficiency in saving lives is to
a. shift resources toward methods with low cost per life saved
b. shift resources toward methods with high cost per life saved
c. allocate more resources to saving lives
d. allocate fewer resources to saving lives
e. move along the production possibilities frontier and increase the number of lives saved
A
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Once a monopoly has determined how much it produces, it will charge a price that
A) is determined by the intersection of the marginal cost and average total cost curves. B) minimizes marginal cost. C) is determined by its demand curve. D) is independent of the amount produced. E) is equal to its average total cost.
When the housing bubble collapsed, the entire borrowing and lending engine of the economy ground to a halt because:
A. no one could tell which banks were safe, and which were not. B. banks wanted to lend to no one, in case they turned out to be a bad risk. C. the herd instinct became to not borrow or lend. D. All of these statements are true.
The false belief that past outcomes affect future events is known as ______.
a. the endowment effect b. the gambler’s fallacy c. the law of diminishing marginal utility d. the ultimatum game
A share of stock indicates that the company owes money to the person owning the share.
Answer the following statement true (T) or false (F)