If the government places a price ceiling on cancer-treating drugs, then
A. Fewer cancer treating drugs will be available.
B. Fewer people will die from cancer.
C. There will be no change in the number of people who die from cancer.
D. The supply of cancer-treating drugs will increase.
Answer: A
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Starbucks sells coffee in both New York City and in rural upstate New York. The price of coffee is higher in New York City
This fact means that the value of marginal product of land is ________ in New York City and so Starbucks is willing to pay a ________ rent in New York City. A) lower; lower B) higher; lower C) lower; higher D) higher; higher
A motorist who chooses high-deductible versus low-deductible car insurance is signaling that he is:
A. a safe driver. B. a reckless driver. C. likely to be a low income earner. D. likely to not pay.
Game theory focuses on
a. strategic behavior among interdependent firms b. professional athletic events c. competition between the players in board games d. competition between those in the political arena and those in the market place e. the interaction between firms in a competitive industry and those in a non-competitive industry
Which of the following is an example of a normative question?
A. How will an increase in the price of diesel fuel affect truck drivers? B. Should the government provide free prescription drugs to lower-income citizens? C. What fraction of an income-tax rebate check will be spent on consumer goods? D. How will an increase in the minimum wage affect migrant workers?