Most advances in health care are due to ______.
a. better training
b. increased personnel
c. technological innovations
d. more individualized care
c. technological innovations
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Household production is more likely to occur when
a. it requires many specialized resources b. technology makes it easier than market production c. tax avoidance is undesirable d. less control over the final product is desirable e. the opportunity cost of household production is high
Nominal GDP is calculated by using
a. prices set in a base year. b. average prices in all major cities. c. current prices d. prices charged by initial producers.
A bank's reserve ratio is 5 percent and the bank has $1,000 in deposits. It's reserves amount to
a) $5. b) $50. c) $95. d) $950.
If a nation has an absolute advantage in the production of some commodity, it
A. can gain only if it has a comparative advantage in the commodity. B. may still gain from trade in the commodity. C. cannot gain from trade in the commodity. D. cannot gain unless it has an absolute advantage in every other commodity.