In addition to the items one must give up in order to afford the cost of cigarettes, the opportunity cost of smoking includes
a. your enjoyment from smoking
b. the health effects one places upon others
c. your expected health effects and shortened life span
d. harassment from nonsmokers
e. smoking cessation advertising on television
C
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Refer to the above figure. Line EBD is called
A) the saving function. B) the consumption function. C) the 45-degree line. D) aggregate demand.
Beginning in late 2010, the FDIC sought to increase the public's confidence in depository institutions by
A) eliminating insurance premiums for bank deposits. B) changing the scope of insurance to banks' assets. C) lowering insurance premiums for bank deposits. D) assessing insurance premiums on banks' total liabilities.
Which of the following factors caused the Civil War?
(a) Slavery (b) The conflict between the two systems of agriculture (c) A shift in political power resulting from new states entering the Union as free or slave states (d) All of the above
Refer to Figure 3.2. At any consumption bundle with the quantity of good X exceeding the quantity of good Y (that is, a bundle located below the 45 degree line, like point A), Alvin's marginal rate of substitution of good X for good Y is
A) diminishing. B) positive. C) constant and positive. D) zero.