An increase in technology for producing personal computers leads to
A) an increase in the demand for personal computers.
B) a decrease in the demand for personal computers.
C) an increase in the supply of personal computers.
D) a decrease in the supply of personal computers.
C
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As a result of an increase in the enforcement of illegal immigration laws, the demand for labor will ________, the supply of labor will ________, and the real wage will ________
A) remain the same; decrease; increase B) decrease; increase; remain the same C) increase; decrease; remain the same D) remain the same; increase; decrease
Which of the following statements best describes allocative efficiency?
a. As additional increments of resources are added to producing a good or service, the marginal benefit from those additional increments will decline. b. when it is impossible to produce more of one good (or service) without decreasing the quantity produced of another good (or service) c. when a country can produce a good at a lower cost in terms of other goods; or, when a country has a lower opportunity cost of production d. when the mix of goods being produced represents the mix that society most desires
An example of an explicit cost would be the wages that a business owner pays her employees
a. True b. False Indicate whether the statement is true or false
Assume that an insurance company sets a single price for insurance equal to the total medical bills paid by the insurance company divided by the number of its customers. If it pays medical bills of $5,000 for half of its customers and $9,000 for the other half of its customers, the price of insurance will be:
A. $5,000. B. $6,000. C. $7,000. D. $9,000.