If the probability of an outcome is zero, you know the outcome is:
A. certain to occur.
B. more likely to occur.
C. less likely to occur.
D. certain not to occur.
Answer: D
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Using the information in Table 6.2, the percent increase in prices over the two year period from 2014 to 2016 is approximately
A) 26 percent. B) 31 percent. C) 38 percent. D) 98 percent.
Suppose the market for oranges is perfectly competitive and unregulated. Suppose also that the chemicals used to keep the oranges insect-free damage the environment by an estimated $1 per bushel of oranges. Suppose QD = 1000 - 100P and QS = -100 + 100P. The market equilibrium quantity is
a. 400 b. 450 c. 500 d. 550
The cross-price elasticity of demand between pancakes and waffles is positive. This indicates all of the following except one. Which is the exception?
a. Pancakes and waffles are substitutes. b. An increase in the price of pancakes will shift the demand curve for waffles to the right. c. An increase in the price of waffles will shift the demand curve for pancakes to the right. d. A decrease in the supply of waffles will shift the demand curve for pancakes to the right. e. Pancake demand and waffle demand are price elastic.
Governments may exercise moral judgment in levying taxes. Items that are typically excluded include the following, except
a. milk b. bread c. cigarettes d. medicine e. books