Cab drivers operating from JFK Airport to the City of New York legally must charge a specific fare. This is an example of
A) social regulation.
B) economic regulation.
C) the market share test.
D) the rate of return test.
Answer: B
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In the United States, out-of-pocket spending on health care per person
A) has remained fairly steady since 1965. B) has been rising since 1965. C) fell from 1965 through 1995, then began to rise from 1995 to the present. D) has been falling since 1965.
The key to sustained economic growth is increasing labor productivity
Indicate whether the statement is true or false
For a normal good, an increase in consumer income will lead to I. a movement down the demand curve II. a rightward shift in the demand curve III. a reduction in supply
A) I only B) II only C) III only D) Both II and III
The short-run supply curve of a purely competitive producer is based primarily on its:
A. AVC curve. B. ATC curve. C. AFC curve. D. MC curve.