The supply curve shows the relationship between
A. the demand and supply schedules.
B. price and quantity supplied.
C. income and quantity supplied.
D. quantity demanded and quantity supplied.
B. price and quantity supplied.
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The RAND Health Insurance experiment compared costs of HMOs with the costs of indemnity insurers. The study
a. confirmed the cost-saving potential of HMOs. b. Found no cost-saving by HMOs. c. the HMO had per capita costs that were 28% lower than the indemnity d. both a and c
To efficiently manage traffic on a system of bridges,
A. the more-crowded bridges should have lower tolls, so that they are affordable. B. the tolls should be equal for all bridges, so that people can choose the most convenient routes. C. tolls should be higher on more-crowded bridges and lower on less-crowded bridges. D. there should be no tolls on bridges, because people should not have to pay to drive to their jobs.
Suppose you notice that when a particular firm raised the price of its product, its total revenue also increased. What does this imply about the price elasticity of demand for this firm’s product and wha factors may be influencing the elasticity?
Answer the question on the basis of the following information: Only three goods are produced in an economy in the following amounts: A = 10, B = 30, C = 5. The current year per unit prices of these three goods are A = $2, B = $3, and C = $1. Refer to the above information. If the per unit prices of the three goods each were $1 in a base year used to construct a GDP price index, then real GDP in the current year is:
a) $110. b) $115. c) $45. d) $160.