"If fines for speeding when driving increase, fewer accidents will occur" is an example of a(n)
A) positive statement.
B) normative statement.
C) negative statement.
D) inverse statement.
A
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Ted got a ticket to this year’s Super Bowl and paid the face value of $1,000. His cousin offered him $3,000 for the ticket. Given this information, Ted’s opportunity cost of this ticket is
A. $1,000. B. $2,000. C. $3,000. D. $4,000.
Based on the figure above, as a result of international trade, producer surplus
A) increases by $150 million. B) decreases by $150 million. C) increases by $90 million. D) decreases by $90 million. E) remains unchanged.
If your risk of losing your house to catastrophe is 25%, how much would fair insurance cost if your home were worth $1,000,000?
A) $250,000 B) $750,000 C) $1,000,000 D) Unable to determine with the information given.
The policy shown in Figure 9.7 is a
A) price floor of $50. B) price support of $50. C) price ceiling of $30. D) quota of 2000. E) quota of 4000.