If a nation's government determines that consumption of cigarettes should be discouraged, then this means that the government has judged cigarettes to be a(n)

A. government-sponsored good.
B. exclusive good.
C. public good.
D. government-inhibited good.


Answer: D

Economics

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If the marginal revenue of a producer exceeds his marginal cost:

A) profit is maximized. B) profit is minimized. C) additional production enhances profits. D) additional production reduces profits.

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Refer to Figure 9-1. Under autarky, the deadweight loss is

A) $0. B) $30. C) $15. D) $40.

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The Employment Act of 1946 reflects which one of the following functions of government?

A) providing a legal system B) improving economy-wide stabilization C) correcting externalities D) providing public goods

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Suppose a study showed that as the income of doctors increased, doctors spent more time on the golf course and less in the office. What would such a conclusion say about the relative sizes of substitution and income effects?

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