Which of the following would be added to U.S. national income?
a. an American consumer buying French wine
b. an American business selling aircraft to British Airways
c. a Swedish firm selling mobile phones to Americans
d. a French firm buying a Swedish cellular phone
b
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A chain saw manufacturer can make its chain saws safer by adding a titanium chain guard to its products. Adding the titanium chain guard costs $35 per chain saw
The manufacturer estimates that this will prevent 10 injuries for every 5,000 chain saws sold and that, on average, each injury causes $15,000 of harm. The injury cost per chain saw is A) $3.00. B) $30.00. C) $37.50. D) $40.00.
Being a very careful apartment renter (always locking the door, making sure the stove and iron are off when leaving, etc.) is an example of ________.
A) moral hazard B) certification C) a hidden characteristic D) screening
In 2009, the U.S. budget deficit was $1.4 trillion
a. True b. False Indicate whether the statement is true or false
Economists believe that only a small part of human behavior can be explained and predicted by assuming that most people act as if they are motivated by their own self-interest in an effort to increase their expected personal satisfaction
a. True b. False Indicate whether the statement is true or false