(Last Word) A market for human organs (rather than the current volunteer-donor system) would be expected to:
A. reduce the price of organs.
B. create a surplus of organs.
C. reduce the supply of organs.
D. eliminate the shortage of organs.
Answer: D
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The Lucas critique is an attack on the usefulness of
A) conventional econometric models as forecasting tools. B) conventional econometric models as indicators of the potential impacts on the economy of particular policies. C) rational expectations models of macroeconomic activity. D) the relationship between the quantity theory of money and aggregate demand.
What occurred during the Free Banking Era?
a. Currency varied widely from state to state. b. Repaying of loans was not closely monitored. c. The Second Bank of the United States was established. d. The dollar bill was introduced.
A proprietorship is
A) two or more individuals in business together. B) a corporation that is taxed like an individual. C) a business owned by one individual who makes all of the decisions. D) a government-owned franchise.
Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at $0.20 per pound when 500 pounds are grown. The demand for potatoes is Q = 10,000/p. If the long-run supply curve is horizontal, then how much will consumers spend, in total, on potatoes?
A) $0 B) $500 C) $10,000 D) $50,000