Which of the following will result from an epizootic affecting sheep reared for wool?
a. The epizootic would lower people's preference for woolen clothes.
b. The price of new woolen clothes would rise.
c. The epizootic would lower people's preference for synthetic coats.
d. The production of new woolen clothes would rise.
B
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P-TV and QRS-TV are trying to decide whether to air a sitcom or a reality show in a given time slot. Viewers like both sitcoms and reality shows, but sitcoms are more expensive to produce than reality shows since real actors need to be hired. QRS-TV makes its decision first, and then P-TV observes that choice before making its decision. Both stations know all of the information in the decision tree below. 
Given the information in this decision tree, if QRS-TV announces that it will air a sitcom, it can expect to:
A. lose $5 million. B. earn $20 million. C. earn $10 million. D. earn $5 million.
Critics of unions argue that unions cause the allocation of labor to be inefficient and inequitable
a. True b. False Indicate whether the statement is true or false
A market for a product is in equilibrium when:
a. Quantity supplied equals quantity demanded b. Quantity demanded is greater than quantity supplied c. The supply curve remains fixed d. Product price equals demand
Which is the more efficient use of one's tight budget: going to a first-run movie at $7.50 or waiting for the video to be available through Netflix?
A) Going to the first-run movie B) Waiting for the video C) Doing neither, especially if one's budget is tight. D) It depends on the chooser's own evaluations of costs and benefits.