Getting an annual flu shot is a way to reduce the chances of not only contracting influenza, but also spreading it to other people. In this sense, getting an annual flu shot is reducing ________ of spreading a contagious disease
A) positive externalities
B) negative externalities
C) the private benefit
D) the social benefit
Answer: B
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Refer to the figure above. If the exchange rate is fixed below E yuan per dollar:
A) the dollar is overvalued and the yuan is undervalued. B) both the yuan and dollar are undervalued. C) the dollar is undervalued and the yuan is overvalued. D) both the yuan and dollar are overvalued.
Monopoly results in a welfare loss because: a. marginal revenue does not equal marginal cost
b. the monopolist restricts output below the socially efficient level. c. average variable cost is not minimized. d. total cost is not minimized.
Assume leisure is a normal good. The substitution effect of a wage increase implies a ________ demand for leisure and a ________ labor supply.
A. lower; lower B. higher; lower C. lower; higher D. higher; higher
Ron regularly deposits $200 each week into a savings account, which earns 3% interest per year. This month he decides instead to invest $200 into the stock market. What is the opportunity cost of Ron's decision to invest rather than save?
A) $200 B) The 3% interest he could have earned by depositing another $200 into his savings account C) The difference between the rate of return he enjoys in the stock market and the 3% interest return he could have earned by depositing that $200 into his savings account D) Zero, because Ron already had the $200