When it comes to unlikely but potentially deadly events, individuals
A) are very good at estimating risks.
B) are not very good at estimating risks.
C) are better than large corporations at estimating risks.
D) do not even attempt to estimate risks.
B
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According to your authors, the following is a necessary condition for a competitive market:
A) Large numbers of buyers and sellers B) Full and complete information C) Freedom of entry D) Identical products E) All of the above.
The Reagan administration's 1981 personal income tax changes were designed to: a. stimulate aggregate demand and reduce unemployment
b. stimulate aggregate demand and increase economic growth. c. stimulate aggregate supply and increase economic growth. d. decrease aggregate demand in order to reduce inflation. e. increase tax revenues to reduce the federal budget deficit.
Below the short-run shutdown price, the firm
A. is earning negative economic profits. B. is making a normal rate of return on its capital investment. C. is earning positive economic profits. D. may be earning a positive or negative economic profits depending upon costs.
The government is deciding where to put a $1 tax-either in a market with elastic supply and demand curves, or a market with inelastic supply and demand curves. If their aim is to raise the most revenue with the smallest deadweight loss, where should the tax be placed?
A. In the market with elastic supply and demand curves B. Since the burden is shared, it doesn't matter in which market it is placed C. It is impossible to say without more information D. In the market with inelastic supply and demand curves