A World View article titled "Secondhand Smoke Kills 600,000 People a Year: Study" implies the harm caused to nonsmokers is
A. An example of a public good.
B. An example of government failure.
C. Included in the market price of cigarettes.
D. An example of externality costs.
Answer: D
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In the savings function S = -725 + 0.25y, 0.25 is the
A) MPS. B) slope of the consumption function. C) MPC. D) vertical intercept of the savings function.
A firm hires labor up to the point where the
A) real wage rate equals the nominal wage rate. B) real wage rate exceeds the nominal wage rate. C) additional hour of labor produces extra output that equals the real wage rate. D) additional hour of labor produces extra output that equals the nominal wage rate. E) firm can sell the extra output.
Federal Outlays
What will be an ideal response?
If Stimpson University increases tuition in order to increase its revenue, it will:
A. not be successful if the demand curve slopes downward. B. be successful if demand is elastic. C. be successful if demand is inelastic. D. be successful if supply is elastic.