Some studies have found that people who owned guns were more likely to be killed with a gun. Do you think this study is strong evidence in favor of stricter gun control laws? Explain
What will be an ideal response?
Not necessarily. It is quite possible that people who thought they were at risk (perhaps because they live in dangerous neighborhoods) were more likely to buy a gun for self-protection. This is an example of a case where correlation may not imply causation. There has been a good deal of research on this question. See, for example, a Harvard School of Public Health 2011 interview with David Hemenway (http://www.hsph.harvard.edu/news/features/review-guns-politics-hemenway).
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Refer to Scenario 21-1. Based on the information above, what is the level of public saving?
A) $0 B) $1 trillion C) $2 trillion D) negative $1 trillion (a deficit of $1 trillion)
If a bank needs to acquire funds quickly to meet an unexpected deposit outflow, the bank could
A) borrow from another bank in the federal funds market. B) buy U.S. Treasury bills. C) increase loans. D) buy corporate bonds.
In the above figure, if the firm is producing at Q3 and charging a price of P3, it should
A. increase output and decrease price. B. decrease output and increase price. C. not change output or price. D. shut down.
The cost of running an electrical utility includes costs for fuel, labor, and capital. In addition, there are sometimes costs associated with pollution from the utility, such an increased health care costs for people living near the utility. To an economist, the costs associated with the pollution resulting from additional electricity are:
A. marginal social costs. B. marginal private costs. C. the sum of marginal social costs and marginal private costs. D. the difference between marginal social costs and marginal private costs.