Which of the following is reflected in the market price of a good?
a. the value the workers think it has
b. the resale value it will have
c. the length of time it will last
d. the cost to society of producing it
d. the cost to society of producing it
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The United States uses a single payer model of healthcare in which the government pays for all healthcare. Because a single payer model of health care creates no deadweight loss, most economists agree that the U.S. system of health care is efficient
A) Both sentences are false. B) The first sentence is false; the second sentence is correct. C) The first sentence is correct; the second sentence is false. D) Both sentences are correct.
In the game in Scenario 13.14, each firm has a strategy that would not be chosen under any circumstances. This strategy is
A) Q = 50. B) Q = 100. C) Q = 150. D) "choose the same Q as the other player." E) "choose a Q different from the other player's."
Why is trade based on comparative advantage?
What will be an ideal response?
In one year, a weapons plant can manufacture either 1,000 more guns or 50 more tanks. The plant's opportunity cost of an extra gun is approximately
a. 50 tanks b. 20 guns c. 20 tanks d. 1/20 of a tank e. 1/50 of a tank