The opportunity cost to a consumer who smokes cigarettes consists of the:
A. Costs imposed on others who inhale second-hand smoke
B. Products that the consumer could have bought instead of cigarettes
C. Amount of cigarette-taxes paid by this consumer
D. Cost of complementary products such as lighters, ashtrays, and cigarette holders
Answer: B
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Refer to Figure 7-5. With insurance and a third-party payer system, what price do doctors receive for medical services?
A) $40 B) $55 C) $65 D) > $65
If nominal money supply grows 3% and real money demand grows 8%, the inflation rate is
A) -5%. B) 8/3%. C) 5%. D) 11%.
As of 2013, which was the only country in the world to be debt-free?
A. Japan B. Greece C. Korea D. Brunei
If the hourly wage of U.S. workers is $16, the hourly wage of Mexican workers is $2, and U.S. workers produce 5 times as much output per hour as Mexican workers, then, other things equal, it would be efficient to locate production facilities in:
A. the United States since the cost per unit of output will be higher. B. Mexico since the cost per unit of output will be higher. C. the United States since the cost per unit of output will be lower. D. Mexico since the cost per unit of output will be lower.