Which of the following is most likely an example of a free good?
A) Sand in aquarium
B) Sand in the middle of a desert
C) Sand in a children's sandbox
D) Sand at the beach
Answer: B) Sand in the middle of a desert
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The costs of many environmental regulations can be calculated in dollars but the benefits often are in terms of lives saved (mortality) or decreases in the incidence of a particular disease (morbidity)
What does this imply about the cost-benefit analysis of environmental regulations? There is an old saying "You can't put a price on a human life." Do you agree or disagree? Explain.
Give two specific reasons why quantity supplied is greater at a higher price.
What will be an ideal response?
A stress test of banks, such as that undertaken in the Spring of 2009, is designed to:
A) ensure that banks have followed proper accounting standards B) make sure that banks are properly managed C) gauge how well banks would fare if the economy worsens D) estimate the impact of a bank panic on the overall economy
The value of cross-price elasticity of demand between orange soda and grape soda is
a. negative b. positive c. 0 d. between -1 and 0 e. less than -1