Which of the following questions or statements regarding medical school is normative?
A) How do changes in expected future incomes affect the decisions of medical students about which specialty to choose?
B) What role does tuition play in a student's decision about whether to attend medical school?
C) Have tuition increases had a large effect or a small effect on the number of applications to medical school?
D) Medical students who enter specialized fields make a larger contribution to society than do student who enter primary care.
D
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An example of a good that is nonrival and nonexclusive is:
a. television signals. b. haircuts. c. pizza. d. national defense.
Which of the following is true about inflation?
A. Inflation promotes social harmony by uniting people against the government. B. Inflation is more damaging if it is anticipated. C. Accurate anticipation of inflation is possible for everyone who is well informed about economic events. D. Those who lend money at a rate below the rate of inflation suffer economic losses.
When costs that vary with the level of output are divided by the output, you have calculated:
A. total changing cost. B. total fixed cost. C. average fixed cost. D. average variable cost.
The increase in total cost resulting from producing one more unit of output is the marginal cost.
Answer the following statement true (T) or false (F)