If there is a decline in the price of milk, an input in the production of ice cream, then there will be a(n)
A) decrease in the supply of ice cream and a leftward shift of the supply curve.
B) decrease in the quantity of ice cream supplied and a movement up along the supply curve.
C) increase in the supply of ice cream and a rightward shift of the supply curve.
D) increase in the quantity of ice cream supplied and a movement down along the supply curve.
C
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Suppose ordinarily half your class would get an A and half would get a B, with A students having a 25% chance of getting an A and B students having a 25% of getting an A. It costs $100 to persuade the instructor to raise a B grade to an A. A student is willing to pay $40 to insure she will get her usual grade and $70 to insure she will get a higher grade than usual. a. Who would buy insurance and at what price in a competitive equilibrium?
b. Suppose it costs $5 to truthfully signal your type and $10 to falsely signal what type of student you are, and if an insurance company receives no signal, it will interpret this as a signal that you are a B student. What would be the competitive outcome now? c. Suppose a new teacher comes in -- and this teacher is willing to change a grade for just $60. How does your answer to (a) change? d. How would your answer to (b) change? e. Can you change something in the problem that would result in only A-students buying insurance? What will be an ideal response?
The real income per capita is a measure of the
A) well-being of every individual in the nation. B) well-being of the average individual in the nation. C) well-being of the average employed person in the nation. D) total well-being of the nation.
A. versatility and flexibility. B. rationality. C. pleasure or satisfaction. D. purposefulness
A. versatility and flexibility. B. rationality. C. pleasure or satisfaction. D. purposefulness.
Fiscal policy suffers from the problem of:
A. being slow to implement. B. being formulated and implemented by politicians subject to short-run incentives. C. being influenced by special interest groups. D. all of the answers given are correct.