Countries are divided into groups based on income. What income group is most common?
a. middle income ($1,025-$12,475 GDP/capita)
b. low income (less than $1,025 GDP/capita).
c. high income (greater than $12,475 GDP/capita).
d. high and low income groups have the same number.
a. middle income ($1,025-$12,475 GDP/capita)
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If fair insurance is offered to a risk-averse person, she will
A) buy enough insurance to eliminate all risk. B) not buy any insurance because it is overpriced. C) not buy any insurance since the marginal utility of the amount of the payment is positive. D) buy enough insurance to cover about half of the possible loss.
For a previously-illegal good, decriminalization will cause
A. demand to become less elastic. B. supply to become less elastic. C. price to rise, unambiguously. D. supply to increase.
In the short run the Sure-Screen T-Shirt Company is producing 500 units of output. Its average variable costs are $2.00 and its average fixed costs are $.50. The firm's total costs:
A. are $2.50. B. are $1,250. C. are $750. D. are $1,100.
Opportunity cost is illustrated on the production possibilities curve by a
A) bowed-out shape of the curve. B) shift to the right of the curve. C) shift to the left of the curve. D) movement along the curve.