In the study done by Lee Benham on advertising for eyeglasses,
a. advertising increased the average price.
b. advertising decreased the average price.
c. there was no difference in price, but quality was better in the states that didn't allow advertising.
d. advertising appeared to have no effect whatsoever in the states that permitted advertising.
b
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The Cost-Benefit Principle indicates that an action should be taken if, and only if:
A. its costs are small. B. its benefits are a result of its costs. C. its benefits exceed its costs. D. its benefits are positive.
An individual who wants to stop smoking but chooses not to
A) reflects future bias. B) reflects present bias. C) reflects irrationality. D) reflects uncontrollable addiction.
Which of the following is a definition of velocity?
a. Velocity = value of final goods and services produced/money supply b. Velocity = real GDP/M c. Velocity = nominal GDP/real GDP d. Velocity = (P Q)/(M V)
Describe the vicious circle of poverty. What are the consequences of this cycle?