AZT is a drug that inhibits the reproduction of the AIDS virus, thus preventing the full development of the disease. The drug, which is sold in an unregulated market, is very expensive and many AIDS patients who can't afford it die from the disease. This case provides ammunition to critics of the market system on the basis of its
a. fairness.
b. externalities.
c. cost disease in services.
d. inefficiency.
a
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With only two goods, x and y, if x and y are gross substitutes, a rise in px must necessarily:
a. increase spending in x. b. reduce spending in x. c. increase spending in y. d. reduce spending in y.
To evaluate whether a society is better or worse off than a year before, you really want to look at changes in real GDP
Indicate whether the statement is true or false
If the price of mozzarella cheese (an ingredient in pizza) declines, there would be:
What will be an ideal response?
Economists develop theories of the ______________ of individuals (consumers, workers) and institutions (businesses, governments) engaged in the production, exchanged, and consumption of goods and services.
a. behavior b. demand c. interest d. investment