A general formula for the multiplier is
A) 1/(1-MPS)
B) 1/(MPC)
C) 1/(MPS)
D) 1/(MPC-1)
B) 1/(MPC)
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Which of the following statements is not true?
a. Price elasticity of demand for basic foods is low. b. When price elasticity of demand is very high, we say there is brand loyalty. c. The availability and price of substitutes affect the elasticity of demand for a good or service. d. When goods have very low prices, the elasticity of demand is usually quite low. e. Elasticities increase as the price of the good increases.
______ identifies all of the input combinations that efficiently produce a given amount of output.
A. A production function B. An efficient production frontier C. A production possibilities curve
Insurance that pays all expenses generated by the insured activity is known as:
A. total-dollar insurance coverage. B. cradle-to-grave insurance coverage. C. last-dollar insurance coverage. D. first-dollar insurance coverage.
Economies of scale refer to the
A. Reduction in minimum average costs due to an increase in the number of workers hired. B. Reduction in minimum average costs due to an increase in plant size. C. Downward-sloping portion of the average total cost curve. D. Downward-sloping portion of the marginal cost curve.