Explain which of the following government policies would tend to make more sense in terms of consumer protection: The licensure of interior designers or the licensure of pharmacists
What will be an ideal response?
It is likely that there is little consumer benefit from licensing interior designers. If a consumer does not like the taste or advice of an interior designer, it is easy to find another interior designer who is more in sync with the consumer's tastes, and there seems to be little health or safety benefits to licensure. Licensing pharmacists makes more sense because of the significant health issues that could arise due to the nature of correctly or incorrectly dispensing pharmaceuticals.
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Use the following graph to answer the question below.
At a quantity of 290, marginal benefit equals ________ and marginal cost equals ________.
A. $0.50, $1.60 B. $1.60, $1.60 C. $1.00, $1.00 D. $1.60, $0.50
Suppose a successful advertising campaign increases the demand for Nike shoes. Which would tend to occur?
A) The demand curve for Nikes would shift to the right. B) The quantity supplied of Nikes would increase. C) The price of Nikes would rise. D) All of the above.
A firm will shut down in the short-run if
a. P>AVC
b. P
Which of the following best describes the relationship between economic growth and literacy? a. As the economy grows, literacy declines because it becomes less and less useful in a developed economy
b. Increased literacy initially stimulates economic growth by raising labor productivity, but as the economy grows and the opportunity cost of education rises, literacy declines. c. Increased literacy stimulates economic growth by raising labor productivity, and as the economy grows, people consume more education. d. There is no correlation between economic growth and literacy.