If faculty choose to stay with an old edition of a book, this is predicted to
A. increase royalty payments to authors.
B. have no impact on royalty payments to authors.
C. increase costs to students
D. decrease royalty payments to authors.
Answer: D
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What is one potential problem with nationalized health care?
A) It might not reduce moral hazard. B) It is guaranteed to solve the principal-agent problem. C) It would be efficient in risk bearing. D) It might cost too much.
Which of the following is part of Keynesian economic theory?
a. total output adjusts to aggregate expenditure b. the aggregate supply curve is horizontal c. businesses adjust their level of output to meet the demand for output d. All of these.
In which of the following cases should the United States produce more noodles than it wants for its own use and trade some of those noodles to Italy in exchange for wine?
a. Americans know less than Italians know about cooking noodles. b. The United States has an absolute advantage over Italy in producing noodles. c. Italy has a comparative advantage over the United States in producing wine. d. The opportunity cost of producing a gallon of wine is the same for Italy as it is for the United States.
If the price of beef rose and the demand for chicken increased, then beef and chicken are:
a. Substitute goods b. Consumer goods c. Inferior goods d. Complementary goods