The data presented in the text shows that in the period from 1947-2013, real GDP in the United States has
A) decreased in every year since 1947. B) generally remained the same.
C) decreased only in recent years. D) increased substantially.
D
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The federal government and insurance companies are examples of third party
A) payers for health care. B) users of health care. C) providers of health care. D) observers of health care.
Which of the following questions would not be of particular interest to a microeconomist?
a. Why do national economies grow? b. What percentage of consumer income is spent on entertainment? c. Why do workers prefer the 4-day workweek? d. What happens to worker productivity when the job shifts to a 4-day workweek? e. How is the electric industry harmed by the passage of new clean air legislation?
Efficiency is consistent with
A) maximizing net benefits. B) equating marginal benefits and marginal costs. C) maximizing total benefits. D) minimizing total costs. E) a and b
A market where individual firms cannot affect the market price of their good is most likely:
A. a monopoly B. an oligopoly C. a monopolistically competitive market. D. perfectly competitive