Refer to the data. Marginal product becomes negative with the hiring of the __________ unit of labor
A. third
B. fourth
C. sixth
D. seventh
D. seventh
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Which of the following is not a reason for solving the model with a PPF?
A) It merges the household and firm problems into one graph. B) It is simpler to solve the social planner problem. C) It highlights the fact that the marginal rate of substitution should equal the marginal rate of transformation. D) It highlights the fact that firms make no profit in equilibrium.
According to Figure 12.1, if the economy moves from point C to point A because of increased government spending, the amount of private spending crowded out is equal to the distance
A. BD. B. BC. C. AB. D. AC.
Critics of the policy that allows the private system of health insurance in the United Kingdom focus on what they consider flaws in the model. They are concerned that private insurance:
a. is a waste of money because so few people participate in the private market. b. should not receive taxpayer subsidies. c. premiums are too high and unaffordable for everyone except the wealthy. d. results in higher overall health care spending. e. slows improvements in the National Health Service by taking pressure off the system and results in a two-tiered system.
Which statement about entrepreneurship in America is true?
A. Alexander Graham Bell and Thomas Edison were two of the most famous American inventors who became entrepreneurs. B. Often the entrepreneur is an innovator. C. The vast majority of entrepreneurs in America either work for themselves or have just one or two employees. D. All of the statements are true.