When workers increase their hours worked, there is said to be a change in the
A. intensive margin.
B. extensive margin.
C. hours margin.
D. hours of intensity.
Answer: A
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Refer to Table 2-3. Dina faces ________ opportunity costs in the production of sliders and hot wings
A) negative B) constant C) increasing D) decreasing
Which of the following is the largest single component of the market basket used to compute the consumer price index (CPI)?
A. food and beverages B. housing C. transportation D. medical care
Increased production, but not increased inflation, will result in higher:
A. nominal GDP. B. money GDP. C. real GDP. D. current dollar GDP.
If insurance companies are required to offer coverage to all interested people, it is said that premiums for each person will be increased. Assume that the insurance market is perfectly competitive. What is the major reason for raising the premium?
A. The insurance companies take advantage of the increased demand and collude. B. Less healthy people join the pool of insured and hence increase the risk and the premium. C. Medical services are more expensive because of increased demand. D. None of the statements is correct.