The magnitude of intangible losses can sometimes be estimated by investigating the average
A. compensation awarded by juries in civil cases of wrongful death and personal injury.
B. annual incomes of police detectives and private investigators.
C. dollar amounts paid by insurance companies as reimbursement for property losses.
D. annual costs borne by victims of white-collar crimes, such as embezzlement.
Answer: A
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When people make rational choices, they
A) do not consider their emotions. B) weigh the costs and benefits of their options and act to satisfy their wants. C) are necessarily making the best decision. D) necessarily make a decision in the social interest. E) behave selfishly.
Why are perfectly competitive markets considered efficient?
What will be an ideal response?
Suppose when the price of coffee beans goes from $1 to $1.20 per pound, production increases from 90 million pounds of coffee beans to 110 million pounds per year. Using the mid-point method, the percentage change in quantity supplied is:
A. 18 percent B. 6.0 C. 0.6 D. 20 percent
Recall the Application about the price and supply of blueberries to answer the following question(s).According to the Application, the supply of blueberries in the short run is ________, so an increase in demand causes the price to ________.
A. flexible; rise B. flexible; fall C. inflexible; rise D. inflexible; fall