Which of the following groups has the highest percentage below the poverty threshold?
a. householder with no high school diploma
b. family with seven or more people
c. black
d. white
e. single mothers
E
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List and discuss various types of goods and services omitted from measured GDP
What will be an ideal response?
Refer to Scenario 1-3. Using marginal analysis terminology, what is another economic term for the incremental cost of producing the last 400 t-shirts?
A) operating cost B) explicit cost C) marginal cost D) Any of the above terms are correct.
Average variable costs:
A. decrease, then increase as output increases. B. increase, then decrease as output increases. C. always trend upward as output increases. D. always trend downward as output increases.
Refer to the below table. With insurance paying two-thirds the cost of health care, there would be a resulting allocative:
Use the table below to answer the question. The table shows the hypothetical demand and supply schedule for health care
A. Efficiency because at 500 units the marginal cost to society of $400 equals the marginal benefit of $400
B. Efficiency because at 700 units the marginal cost to society is $200 and the marginal benefit is $600
C. Inefficiency because at 700 units the marginal cost to society is $600 and the marginal benefit is $200
D. Inefficiency because at 700 units the marginal cost to society is $400 and the marginal benefit is $200