Early in the 20th century the American Medical Association strongly encouraged _____
a. HMOs
b. Medicare
c. Medicaid
d. fee-for-service medical care
d
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________ is a cost that changes with the quantity produced by the firm and is incurred by the firm in the short run.
A. Fixed cost B. Economic cost C. Variable cost D. Average total cost
The price elasticity of gasoline supply in the U.S. is 0.4. If the price of gasoline rises by 8%, what is the expected change in the quantity of gasoline supplied in the U.S.?
A) +3.2% B) -3.2% C) +32.0% D) +0.32%
Suppose Jess resigns from her low paying job. After looking for a new job for two weeks she is highly frustrated and gives up looking for a better-paying job. According to the U.S. Bureau of Labor Statistics, Jess would:
a. be considered as a part of the labor force. b. be considered employed. c. be considered temporarily unemployed. d. not be considered as a part of the labor force. e. be considered as seasonally unemployed.
The free rider problem suggests that a producer will tend to:
a. produce more than the optimal quantity of a public good b. produce less than the optimal quantity of a public good. c. produce the optimal quantity of a public good if it is funded out of tax revenue. d. do none of the above.