When someone is both poor and old, they are on
A. Medicare only.
B. Medicaid only.
C. a separate program called "Eldercaid."
D. both Medicare and Medicaid.
Answer: D
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Which of the following contracts contain vertical restrictions that limit the transacting parties' choices but create economic value?
a. An agreement between firms to jointly invest in research and development. b. A franchise contract specifying exclusive territory of operation. c. A contract amongst competitive firms on an uniform pricing strategy. d. A collusion between two oligopoly firms specifying individual production.
Jaxon borrows $10,000 from a bank and withdraws $20,000 from his personal savings to open a tattoo parlor. The interest rate is 3 percent for both the bank loan and his personal savings. Jaxon also quit his job as a waiter, which paid $20,000 . According to an economist, Jaxon's opportunity cost of opening the tattoo parlor equals $20,900
a. True b. False Indicate whether the statement is true or false
The Marginal Cost curve usually
A. cuts through the minimum of the average total cost curve. B. cuts through the minimum of the average variable cost curve. C. is J-shaped. D. all of the options are correct.
Economists become scientists when they deal with ______.
a. contestable analysis b. normative analysis c. positive analysis d. subjective analysis