The property rights of commissioners appointed to the Food and Drug Administration encourage them to
A) call for additional testing of a new drug even when a delay in approval is liable to cost more lives than additional testing is likely to save.
B) make decisions in the interest of drug manufacturers.
C) make decisions in the interest of physicians and patients.
D) rush new drugs onto the market before they have been adequately tested.
E) work shorter hours and take longer vacations than employees in the food and drug industries.
A
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Rational ignorance says that voters will
A) understand the technology before voting on defense. B) vote on issues without having complete information. C) gather information on issues that are not important. D) not vote on issues that they do not understand.
Suppose Sprite and 7-Up are considered by consumers to be substitutes. The likely economic impact of a decrease in the price of 7-Up is a:
a. movement up along the demand curve for Sprite. b. decrease in the supply of 7-Up c. rightward shift of the demand curve for Sprite. d. leftward shift of the demand curve for Sprite.