For an addictive drug such as heroin, if the price of heroin increases, then
A. the quantity demanded never changes.
B. the quantity demanded will decrease by a relatively small amount.
C. the quantity demanded will actually increase.
D. the quantity demanded will decrease by a relatively large amount.
Answer: B
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List and define the three types of unemployment
What will be an ideal response?
Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. Which of the following statements is correct?
A. Tracy should specialize in sandwiches and smoothies. B. Dan should specialize in sandwiches, and Tracy should specialize in smoothies. C. Dan should specialize in both sandwiches and smoothies. D. Dan should specialize in smoothies, and Tracy should specialize in sandwiches.
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. The opportunity cost of one tomato in Country B is:
A. 6 bananas. B. 108 bananas. C. 3 bananas. D. 18 bananas.
In a monopolistically competitive market, the consumer receives the benefit of
A. product differentiation. B. production where price equals marginal cost. C. production at minimum average cost. D. allocative efficiency.