A ______ is a tax on imports.
Fill in the blank(s) with the appropriate word(s).
tariff
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Which of the following would be LEAST likely to contribute to a moral hazard problem among drivers?
A) Provide medical coverage to all drivers, their passengers, and any and all individuals involved in the accident, no matter who was at fault. B) Provide medical coverage and car repair/replacement coverage to drivers, their passengers, and any and all individuals involved in the accident, no matter who was at fault. C) Modify all cars to remove the driver's seatbelt and the steering wheel air bag. D) Pass a law limiting the amount of damages that juries may award in accident cases. E) Make automobile insurance mandatory for all drivers.
If you bought eight pairs of shoes, the marginal utility of the seventh pair was
A. greater than the price. B. equal to the price. C. less than the price.
Sara looks into her closet and discovers a pair of like-new shoes she no longer wears because they are out of fashion. From the economist's perspective, was Sara behaving rationally when she bought those shoes?
A) No. If any of a person's decisions have poor results, that person is irrational. B) Yes, Sara didn't buy those shoes when they were out of fashion. C) No. The rationality assumption states that rational people never make mistakes. D) It's not clear because psychology, not economics, deals with the rationality assumption.
Which one of the following would cause a rightward shift in the demand curve of smartphones?
A. Smartphones become easier to use. B. The price of smartphones decreases. C. Government regulations are imposed to limit the number of smartphones imported. D. Production methods are modified to make production of smartphones more efficient.