FDA approval is ________ if the increase in costs to patients (including the increase in deaths) is greater than the increase in benefits due to more rapid approval.
A. just right
B. too stringent
C. too lax
Answer: C
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What is meant by the phrase, "There is no such thing as a free lunch"?
What will be an ideal response?
Suppose that a monopolist must choose between two points on its demand curve: it can sell 100 units for $3 each, or it can sell 150 units for $2 each. Which of the following is true?
a. The monopolist is facing elastic demand. b. The monopolist is facing unit elastic demand. c. The monopolist is facing inelastic demand. d. The monopolist is facing perfectly elastic demand. e. The elasticity of demand cannot be determined with the information given.
To obtain the net national product (NNP), start with the gross national product (GNP) and subtract:
A. depreciation. B. depreciation and indirect business taxes. C. depreciation, indirect business taxes, and corporate profits. D. depreciation, indirect business taxes, corporate profits, and social insurance contributions.
Which of the following is most likely to be an implicit cost for Company X?
A. Depreciation charges on company-owned equipment B. Payments for raw materials purchased from Company Y C. Rental payments on IBM equipment D. Transportation costs paid to a nearby trucking firm