The Cost-Benefit Principle predicts that people will be less likely to smoke if the government:
A. increases taxes on cigarettes, effectively raising the price.
B. increases taxes on smoking-cessation devices such as nicotine patches.
C. invests more money in cancer research.
D. subsidizes hospitals treating lung disease.
Answer: A
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When changes in a product's price cause corresponding changes in consumer demand, the product has
A. elastic demand. B. usefulness. C. utility. D. inelastic demand
Marginal cost:
a) is always less than price. b) is the minimum price a producer to cause him to offer one more unit of a good for sale. c) decreases as more is produced. d) may be negative. e) is greater than price
Asset inflation tends to hurt those who save in risky assets.
Answer the following statement true (T) or false (F)
What happens when supply decreases and deman does not change
What will be an ideal response?