Which of the following is NOT an economic function of the U.S. government?
A. promoting price stability
B. encouraging production of government-inhibited goods
C. promoting competition
D. providing public goods
Answer: B
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The table above shows the situation in the gasoline market in Tulsa, Oklahoma. If the price of a gallon of gasoline is $3.65, then
A) there is a surplus of gasoline in Tulsa. B) there is a shortage of gasoline in Tulsa. C) the gasoline market in Tulsa is in equilibrium. D) Without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa. E) There is neither a surplus nor a shortage, but the market is NOT in equilibrium.
A physical examination is NOT a good screening device for life insurance companies if
A) life-threatening diseases are usually undetected. B) doctors cannot be easily bribed to write a good report. C) medical history is a good predictor of life expectancy. D) one's current state of health is a good predictor of life expectancy.
If the price of a dress is three times the price of a pair of shoes, then a pair of shoes contributes
a. exactly one-third as much to GDP as does a dress. b. more than one-third as much to GDP as does a dress. c. less than one-third as much to GDP as does a dress. d. exactly one-fourth as much to GDP as does a dress.
(Consider This) According to economists Krueger and Perri:
A. despite the fact that income inequality has increased in recent decades, consumption inequality has remained relatively constant. B. increases in income inequality over recent decades understate the growth in consumption inequality. C. both income and consumption inequality have increased at approximately the same rate over recent decades. D. both income and consumption are more equally distributed than they were 30 years ago.