Which of the following is motivated by an efficiency concern?
A) In December 2006, the Bush administration restarted a short-term housing assistance program for victims of Hurricane Katrina.
B) Each year, the University of Notre Dame conducts a lottery to parcel out the 30,000 seats available to contributors, former athletes, and parents in the 80,000-seat stadium.
C) The United Network for Organ Sharing advocates a system of rationing scarce kidneys that would favor young patients over old in an effort to wring more life out of donated organs.
D) The federal government's housing choice voucher program assists very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market.
Answer: C
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Changes in business inventories are:
A. classified as investment expenditures. B. classified as government purchases. C. classified as consumption expenditures. D. excluded from GDP.
The basic human tendency to overvalue recent experience when trying to predict the future is called:
A. the recency effect. B. tulip mania. C. the leverage effect. D. herd instinct.
If the cross-price elasticity of demand is -3, then the goods are __________ and the consumers' responsiveness would be characterized as __________
a. substitutes; inelastic b. substitutes; elastic c. substitutes; unit elastic d. complements; inelastic e. complements; elastic
Which of the following would be an example of a flow variable?
a. The amount of money needed to buy a car b. The amount of money a person has in her or her wallet c. The amount of income a person earns each week d. The amount of money a person has in a savings account e. None of these are flow variables