A) the amount you value the first movie + $3
B) the amount you value the first movie + $10
C) $3
D) $10
F) A) and C)
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B) False
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A) externalities and market power.
B) market power and incorrect forecasts of consumer demand.
C) externalities and foreign competition.
D) incorrect forecasts of consumer demand and foreign competition.
F) A) and B)
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A) not emit any pollution so as to avoid the entire cost of the pollution.
B) emit lower levels of pollution.
C) emit an acceptable level of pollution.
D) emit too much pollution.
F) A) and C)
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A) both countries are likely made better off.
B) only Russia benefits since France can produce all goods at a higher level of quality than Russia.
C) only France benefits since Russia's low wages guarantee profitable firms in Russia regardless of trade.
D) neither country will benefit since France is more efficient than Russia at producing all goods.
F) A) and C)
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A) is more efficient and more equal for society.
B) is more efficient but less equal for society.
C) is more equal but less efficient for society.
D) is less equal and less efficient for society.
F) B) and C)
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A) Except to the extent that you pay more for them,opportunity costs should not include the cost of things you would have purchased anyway.
B) To compute opportunity costs,you should subtract benefits from costs.
C) Opportunity costs and the idea of trade-offs are not closely related.
D) Rational people should compare various options without considering opportunity costs.
F) B) and C)
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A) how central planners made economic decisions.
B) how the decisions of households and firms lead to desirable market outcomes.
C) the control that large firms have over the economy.
D) government regulations without which the economy would be less efficient.
F) All of the above
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B) False
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A) Lower the price of the remaining bagels,even if the price falls below $1.00 per dozen.
B) Lower the price of the remaining bagels,but under no circumstances should the price fall below $1.00 per dozen.
C) Throw the bagels away and produce 8 fewer dozen bagels tomorrow.
D) Starting tomorrow,lower the price on all bagels so they will all be sold earlier in the day.
F) B) and C)
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A) Increasing the money supply increases the demand for goods and services.
B) Increasing the money supply encourages firms to hire more workers.
C) Lowering the money supply leads to a higher level of unemployment.
D) Policies that encourage higher employment will also induce a lower rate of inflation.
F) B) and C)
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A) the $30 she earns working.
B) the $30 minus the enjoyment she would have received from watching the video.
C) the enjoyment she would have received had she watched the video.
D) nothing,since she would have received less than $30 of enjoyment from the video.
F) B) and C)
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A) studies show that individuals with higher levels of income pollute less than low-income individuals.
B) efforts to reduce pollution typically are not completely successful.
C) laws that reduce pollution raise costs of production and reduce incomes.
D) employing individuals to clean up pollution causes increases in employment and income.
F) All of the above
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A) are not rational decision makers.
B) are well aware that their opportunity cost of attending college is very high.
C) are concerned more about present circumstances than their future.
D) underestimate the value of a college education.
F) None of the above
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A) automakers
B) pedestrians
C) drivers
D) owners of collision-repair shops
F) A) and C)
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B) False
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A) the marginal cost of producing an extra diamond far exceeds the marginal cost of producing an extra bottle of water.
B) the marginal benefit of an extra diamond far exceeds the marginal benefit of an extra bottle of water.
C) producers of diamonds have a much greater ability to manipulate diamond prices than producers of water have to manipulate water prices.
D) water prices are held artificially low by governments,since water is necessary for life.
F) B) and D)
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A) Annie purchases a handbag.
B) Bob's dog barks loudly during the night waking his neighbors.
C) Clark sells a book to Calvin.
D) David watches a scary movie.
F) B) and C)
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A) an increase in the number of visits people want to make and an increase in the number of visits health care providers want to provide.
B) an increase in the number of visits people want to make and a decrease in the number of visits health care providers want to provide.
C) a decrease in the number of visits people want to make and an increase in the number of visits health care providers want to provide.
D) a decrease in the number of visits people want to make and a decrease in the number of visits health care providers want to provide.
F) A) and C)
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A) "environment."
B) "production."
C) "one who manages a household."
D) "one who makes decisions."
F) None of the above
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