The demand for insulin is typically_________________ than the demand for a large screen TV
a. More elastic
b. More inelastic
c. Less elastic
d. Less inelastic
b
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There are two equidistant exits in a movie theater. However, one exit is used by a majority of the people after the end of a movie. This is an example of ________
A) herding B) anchoring C) signaling D) sniping
Suppose the economy is producing at the natural rate of output. A decrease in consumer and business confidence will cause ________ in real GDP in the short run and ________ in inflation in the short run, everything else held constant
A) an increase; an increase B) a decrease; a decrease C) no change; an increase D) no change; a decrease
Which of the following is (are) true of a monopoly? (i) A monopoly has the ability to set its price. (ii) A monopolists marginal revenue will always increase when it lowers the price of its product. (iii) A monopoly can never experience an economic loss
a. (i) only b. (ii) only c. (i) and (ii) only d. (ii) and (iii) only
"He who pays a tax should receive the benefit from the expenditure financed by the tax." This statement reflects which of the following principles for a tax?
A. fairness of contribution B. ability-to-pay C. benefits-received D. efficiency