Referring to a production possibilities curve and the goods being compared, depict the economic event. The SARS epidemic spreads rapidly throughout Toronto, Canada claiming millions of lives (capital vs. consumer goods).
A. A movement from a point inside the curve to a point on the curve
B. A movement from a point on the curve to a point inside the curve
C. A shift in the entire curve to the right (outward)
D. A shift in the entire curve to the left (inward)
D. A shift in the entire curve to the left (inward)
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Define opportunity cost. A student who has just graduated from college has three job offers: the first job pays him $35,000 a year, the second job pays him $23,000 a year, and the third one pays him $15,000 a year
What is the student's opportunity cost of taking the first job?
Refer to Figure 24-2. Ceteris paribus, an increase in the capital stock would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
Pure economic rent involves situations where
A. the quality of a resource can be varied but the price cannot be varied. B. the supply curve is perfectly inelastic. C. the supply curve is perfectly elastic. D. the uses to which a resource can be used can be varied but the quality of the resource cannot be varied.
Answer the following statements true (T) or false (F)
1. Managed-care organizations attempt to control their enrolled members' use of health care as a way of containing costs. 2. Health maintenance organizations (HMOs) are like health clubs that operate facilities where people can exercise and get physical training. 3. Health savings accounts enable individuals who have high deductible private insurance to place tax-free dollars into special accounts that can be used to pay for medical expenses. 4. The main focus of the Patient Protection and Affordable Care Act (PPACA) is the provision of health insurance coverage to all Americans. 5. Aside from new taxes, the Patient Protection and Affordable Care Act (PPACA) aim to generate revenue by enforcing a personal mandate that requires all individuals not covered by employer- or government-provided health insurance to purchase insurance.