In the United States, which of the following is an example of a government-inhibited good?
A) museums
B) movies
C) cocaine
D) sports stadiums
Answer: C
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The net effect of a stronger dollar on real GDP is
A) an increase in the price level. B) dependent on whether the increase in aggregate supply is more or less than the decrease in aggregate demand. C) a decrease in real GDP. D) an increase in real GDP.
Suppose the current price and quantity of widgets is p = $50 and Q = 125
The demand for widgets is log-linear and the price elasticity of demand is E = -2. The supply of widgets is perfectly elastic. a. Derive the equations for the demand and supply of widgets. b. What would be the effect on the equilibrium price and quantity if demand were to increase by 500 widgets?
An increase in the plaintiff's cost of litigation will make the plaintiff ________ likely to settle and pay a ________ amount.
A) more; lower B) less; lower C) less; higher D) more; higher
An example of moral hazard is
a. people drive less carefully in icy conditions with antilock brakes as without b. people drive as safely with more airbags as without c. football players avoid 'spearing' with their heads even with safer helmets d. people read the medicine warnings as carefully when self-medicating versus with a doctor's prescription