We all know that the United States has the highest per capita health care spending in the world. Which country has the second highest?
a. Germany
b. Japan
c. France
d. Switzerland
e. Canada
d. Switzerland
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Harvey Morris bought dishes and pitchers made of blue glass during the Great Depression at a flea market. He later resold these items on eBay. The profits Harvey earned from these sales are
A) not economic profits because Harvey did not add value to the items but took advantage of the buyers who were not aware of how much Harvey paid for the items. B) the result of arbitrage. C) accounting profits but not economic profits. D) subject to a retail profits tax.
A good definition of the meaning of development is the
a. elimination of absolute poverty. b. improvement in the quality of life. c. fulfillment of the potential of individuals. d. all of the above.
If a monopolist incurs a large fixed cost that shifts its average total cost curve upward, the effect on price and output will be
a. price and output will both rise b. price will rise and output will fall c. the firm will lower its price so that elastic demand will raise revenues to cover the additional cost d. the firm will pass the higher cost on to customers without changing the amount consumers will buy e. there will be no effect on price or output
Which of the following is not a function of money?
a. Standard of deferred payment. b. Medium of exchange. c. Legal tender. d. Store of value. e. All of the above are functions of money.