If society were to maximize the utility of its best-off member, the final allocation would be
A) perfect equity.
B) on the contract curve.
C) Pareto efficient.
D) one in which one person gets everything.
D
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On an annual basis, Americans spend about as much on health care as they do on
A) food. B) clothing. C) transportation. D) housing.
Suppose that real GDP for 2015 was $10,000 billion and real GDP for 2016 was $9,500 billion. What is the rate of growth of real GDP between 2015 and 2016?
A) -10% B) -5% C) -2% D) -1%
A company decides to outsource all product designs to Singapore because it has been found to have the most efficient design companies. In this situation, the ______ implication for international business is being considered.
Fill in the blank(s) with the appropriate word(s).
Which of the following is an example of something that economists would consider a cost but accountants would not?
A. the wages paid to employees of a firm B. the wages that the owner of a firm could have earned in some alternative job C. rent paid to a business's landlord D. the cost of leather used in the production of footballs