Question 71 71. Physicians are organized into the American Medical Association, a professional association that behaves like a labor union. Assume that the AMA successfully restricts the supply of qualified doctors in the United States. Which outcome is LEAST LIKELY to occur? Most physicians Most physicians work more hours. Most physicians take home higher incomes. OA Question 72 1 pts 72. A compensating differential is the difference b be under a the difference between poly price the difference in wages that rises to offset the nonmonetary characteristics of different jobs OB OC DA Question 73 1 pts 73. So far most technological pr labor augmenting labor saving OA Question 74 74. The clock on the church tower tha that overlooks the market square keeps accurate time. The church which owns and maintains the clock is providing a common resource a nonrival private good a private good D a public good OA OC OD Question 75 1 pts 75. Which statem (are) TRUE? (Choose one or more.) An idea is an example of a public good, i.e., no able and nonrival. An intellectual property right (like a patented i book) is an example of a club good, i.e., excludable and nonrival. A common resource is a good that is rival and unowned, and hence nonexcludable and thus likely to be overused and undermaintained. OA OB Question 76 76. Which statement(s) below is (are) TRUE? (Choose one or more.) A The production of a public good does not have an opportunity cost because one person's consumption does not affect the amount available for other people to consume. without paying royalties, that book would never be reprinted because there would now be no incentive to reprint it . C The INVENTION of aspirin had an opportunity cost because the resources used inventing it could been used for some other purpose. D The MANUFACTURE of aspirin has no opportunity cost because it is no longer protected by patents. O B OD Question 77 1 pts 77. Which statement below is FALSE? Public choice is the study of political vior using the tools of economics. B Rational ignorance occurs when the efits of being informed are less than the costs of becoming inform Legislation passed as a result of lobbying by spe interests creates concentrated costs and diffused benefits. Voter myopia describes the state of affairs when voters focus on economic conditions in the year of an election. The median voter theorem states that when voters vote for the policy that is closest to their ideal point on a line, then the ideal point of the median voter will beat any other policy in a majority rule election. OD OF OB Question 78 1 pts 78. If an American resident valued the welfare of everyone in the world equally, without giving more weight to those who are already resident in this country, would he/she want more immigrants from poor countries or more immigrants from rich countries? He/she would want more immigrants from poor countries. He/she would want more immigrants from rich countries. Question 79 79. Richard Whately (1787-1863) observed that men dive for pea then sold for a high price. How would you expect me to explain this phenomenon? (I agree with Whately.) Men dive for pearls because they fetch a high price. B Pearls fetch a high price because men have dived for them. OA Question 80 1 pts 80. Assume that on average men enjoy a s Which statement below is TRUE? In this context an annuity provides for regular p person's lifetime. For a man and a woman of the same age and health, the man would be charged less for a life insurance policy and more for an annuity. B For a man and a woman of the same age and health, the man would be charged more for a life insurance policy and less for an annuity