Consider a tragic and heart-wrenching case in which a cancer patient is told he needs chemotherapy in order to live three more years at best, but the patient's final three years will be filled with all the terrible side-effects of the treatment
Without it, he will surely die within a year, but his quality of life would be a better. Suppose he chooses to quit chemotherapy. The economic way of thinking would therefore conclude A) the patient made the wrong choice.
B) the doctors were absolutely right—the patient needs chemotherapy.
C) it is better to live longer than it is to die sooner.
D) all of the above are true.
E) none of the above is true.
E
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Pell grants are money given to students attending college. Pell grants are most closely similar to
A) public provision of a good. B) private subsidies given to producers of a good. C) vouchers given to consumers of a good. D) property rights assigned to consumers of a good. E) a subsidy given to the producer of a good.
A pessimistic view of the 1986 tax reform is that Congress simplified the tax code _____
a. because it represented a Pareto superior move b. created new loophole opportunities that did not exist previously c. in order to increase the efficiency in the system d. because it was in the best interests of the special interests
Which of the following is true? a. Real GDP equals nominal GDP divided by the current price level index, times one hundred
b. In periods of inflation, real GDP growth will tend to be greater than nominal GDP growth. c. In a country with a growing population, real GDP could be falling at the same time that real GDP per capita was rising. d. Marrying one's housekeeper would leave reported GDP unchanged.
Eating a bag of sweets gives Rory 25 utils of satisfaction. How many additional utils would you expect Rory would get from eating a second bag of sweets?
(a) 25 utils. (b) Less than 25 utils. (c) More than 25 utils. (d) 50 utils.