The Great Lakes are
a. private goods.
b. club goods.
c. common resources.
d. public goods.
c
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Which of the following is not part of the "regulation of health insurance" provision of the Patient Protection and Affordable Care Act (ACA)?
A) Individuals with pre-existing medical conditions are able to acquire health insurance. B) All policies must provide coverage for dependant children up to age 26. C) Limits on the size of deductibles and on waiting periods before coverage takes effect have been eliminated. D) Lifetime dollar maximums on coverage are prohibited.
A firm wants to minimize the total cost of producing 100 tons of dynamite. The firm uses two factors of production, chemicals and labor. The combination of chemicals and labor that minimizes production costs will be found where
A) the marginal products of chemicals and labor are equal B) the ratio of the amount of chemicals used to the amount of labor used equals the ratio of the marginal product of chemicals to the marginal product of labor C) the ratio of the amount of chemicals used to the amount of labor used equals the ratio of the price of chemicals to the wage rate D) the production of an additional unit of dynamite costs the same regardless of whether chemicals or labor are used E) none of the above
The nation's stock of capital can increase only when net new investment takes place
a. True b. False Indicate whether the statement is true or false
If price were increased from $38 to $39 and quantity demanded fell from 18 to 13, calculate elasticity; state whether demand is elastic, unit elastic, or inelastic; and find how much total revenue was when price was $38 and $39.
What will be an ideal response?