All of the following would affect the position and shape of a nation's production possibilities curve, except:
A. The amount of labor available
B. The level of unemployment
C. The amount of the capital resources
D. The rate of technological progress
Answer: B
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In modern economies
A) some prices are very flexible while others are not. B) no prices are very flexible. C) all prices are very flexible. D) prices become less flexible as they increase.
A cartel is:
A. a duopoly with more than two firms. B. a firm that always has a dominant strategy. C. a number of firms who collude to make collective production decisions about quantities or prices. D. the "leader" of an industry, typically the firm with the largest market share.
Aid to Families with Dependent Children was a government program with the goal of:
A. economic growth. B. redistribution. C. social insurance. D. None of these is true.
Figure 14.6 represents the market for health insurance. Suppose there are two types of consumers, low-cost consumers with $2,000 average medical expenses per year, and high-cost customers with $4,000 average medical expenses per year. The insurance companies estimate that 40% of its customers are high-cost type. If the insurance companies set the price equal to their average cost per customer, what percent of customers who buy the insurance are actually low-cost customers?
A. 20% B. more than 20% but less than 50% C. more than 50% D. less than 20%