In most state-run lotteries,
a. the winner receives a single lump-sum payment
b. the present value of the winnings is less than the number of dollars won
c. the present value of the winnings exceeds the number of dollars won
d. winners are paid the present value of the total amount won
e. winners are paid only in the distant future
B
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Suppose you see a 2012 Ford Mustang GT advertised in the local newspaper for $15,000. If you knew the car was reliable, you would be willing to pay $17,000 for it. If you knew the car was unreliable, you would only be willing to pay $12,000 for it
Under what circumstances should you buy the car?
The higher a country's tax rates, the more likely that country will be
a. at the top of the Laffer curve. b. on the positively sloped part of the Laffer curve. c. on the negatively sloped part of the Laffer curve. d. experiencing small deadweight losses.
Open market purchases of government securities
A) are designed to increase trading on the stock exchange. B) generally decrease the money supply. C) always decrease the money supply. D) cause bank reserves to increase. E) all of the above
The variety that monopolistic competition provides is paid primarily by
A. all consumers whether they desire variety or not. B. the producer whose ability to pass on costs is limited by his demand curve. C. those customers who desire the variety. D. no one because variety costs no more to produce than uniform products cost to produce.