Which of the following would be a private cost to a cigarette smoker?
A. Cost to the employer of the higher health insurance premiums due to the hiring of a smoker.
B. Cost to the employer of the extra effort lost due to the increased missed days of work as a result of smoking.
C. Cost to the city of extra park cleanup due to the presence of cigarette butts.
D. Price of the pack of cigarettes.
Answer: D
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The measure used to determine whether two products are complements or substitutes is called the
A) price elasticity of supply. B) cross elasticity of demand. C) price elasticity of demand. D) income elasticity. E) substitute elasticity of demand.
You participate in a taste test for a new protein supplement called "Kapow." You are given five consecutive one ounce vials of the supplement and after consuming each vial you are asked to note your reaction
You consume the first vial and your response is: "Hmmm, quite good!" After the second, you say, "Not bad at all." After the third, you note, "It's alright." and after the fourth you wince, "No more, the after-taste is getting to me. I need water." What economic principle does this scenario illustrate? Define the principle.
Historical note: Most of the failures (per year) of thrift institutions, such as savings and loan associations, occurred in
a. the late 1950s b. the early 1970s c. 1945 d. 1980–1982 e. 1988–1991
If the federal funds rate were above the level the Federal Reserve had targeted, the Fed could move the rate back towards its target by
a. buying bonds. This buying would increase the money supply. b. buying bonds. This buying would reduce the money supply. c. selling bonds. This selling would increase the money supply. d. selling bonds. This selling would reduce the money supply.