The gross domestic product for the above economy is:
Answer the question on the basis of the following national income data for the economy. All figures are in billions of dollars.
A. $584.
B. $592.
C. $609.
D. $623.
D. $623.
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All of the following are reasons that health care costs have risen so much in the past few decades EXCEPT
A) the aging population. B) higher imports. C) new technologies. D) third party payments.
Marginal cost is the ____________ cost of producing one additional unit and marginal revenue is the_____________ revenue of selling an additional unit
a. Incremental, Incremental b. Total, Incremental c. Incremental, Total d. Total, Total
In the long run, changing technology on average has led to: a. lower employment and lower wage rates
b. higher employment and lower wage rates. c. lower employment with wage rates unchanged. d. higher employment with wage rates unchanged. e. higher incomes and more leisure time.
Suppose there are four buyers all considering purchasing round-trip airfare from Boston to Miami with the following price elasticities of demand for this purchase: Buyer A: 1.5, Buyer B: 0.7, Buyer C: 1.0, Buyer D: 2.3. If the airline knows of these elasticities and practices price discrimination, which buyer will pay the highest price for the airfare?
A. Buyer A B. Buyer B C. Buyer C D. Buyer D