We measure the marginal ________ of a good by what a ________ for another unit of the good
A) benefit; person must pay
B) cost; person is willing to pay
C) benefit; person is willing to pay
D) cost; person's preferences are
C
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The largest government-run health care system in the world, with 1.7 million employees, is in
A) the United Kingdom. B) the United States. C) Japan. D) Canada.
The primary purpose of the Federal Open Market Committee (FOMC) is to: a. set reserve requirements
b. extend loans to member banks of the Fed. c. buy and sell government securities. d. distribute Federal Reserve notes. e. enforce bank regulations.
Which of the following is an implicit cost of going to college?
a. tuition and fees b. books, computer equipment c. income lost from not being able to work full time d. future income e. room and board
Assume the overall price level changes, ceteris paribus. Considering this, which of the following accurately explains a difference between the short-run aggregate supply (SRAS) curve and the long-run aggregate supply (LRAS) curve?
a. There is movement along the SRAS curve but not the LRAS curve. b. The quantity of real GDP supplied changes for the LRAS curve but not for the SRAS curve. c. Both the SRAS curve and the LRAS curve shift. d. The quantity of real GDP supplied changes for the SRAS curve but not for the LRAS curve.