A cost-benefit analysis of the death penalty and lifetime incarceration must consider
A. the effects upon police morale.
B. the expected present value of the total costs of the two punishment methods to the government.
C. the costs borne by the victims of the crime.
D. all of the options are correct.
Answer: D
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An increase in the price of a good will a. increase demand
b. decrease demand. c. increase quantity demanded. d. decrease quantity demanded.
Which of these statements is not true of both external cost and external benefit situations? a. They both can lead to market failure
b. They both cause welfare costs. c. They both make it possible for government intervention to lead to more efficient results. d. All of the above are true.
When the aggregate supply curve shifts adversely, what happens to the relationship shown in the Phillips curve?
a. It is reinforced, and made more applicable for policy. b. It is destroyed, and no longer applies for policy. c. It is unchanged, although the curve becomes less steep. d. It is unchanged, although the curve shifts inward and to the left.
The breakfast cereal industry, with its concentration ratio of 80%, would best be described as a(n)
a. perfectly competitive market. b. monopolistically competitive market. c. oligopoly. d. monopoly.