An increase in the price level real wealth, which causes consumption to
A) raises; decrease
B) lowers; increase
C) lowers; decrease
D) raises; increase
Answer: C) lowers; decrease
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The marginal cost of production that is borne by the entire society is the
A) marginal private cost. B) marginal social cost. C) marginal external cost. D) None of the above answers is correct.
In the classical model, the factors determining output and employment are the factors that ascertain the position(s) of
a. the labor supply curve only. b. the labor demand curve only. c. the aggregate production function. d. both the labor supply curve and the labor demand curve. e. Both c and d
Accounting profits are total revenues minus
A) all relevant opportunity costs. B) explicit and implicit costs. C) explicit costs and all other relevant opportunity costs. D) explicit costs.
One of the challenges for development economists working in health care is to figure out a way to:
A. force doctors to practice good medicine. B. mandate through government policy that families must make better health care choices. C. increase the frequency of preventative medicine, such as immunizing children. D. have the government get more involved in production of necessary healthcare item.