Which of the following would be considered leisure?
a. picking strawberries for your own use
b. running a 10-mile training session
c. studying for a college mathematics class
d. changing the oil and oil filter on your car
e. weeding your garden
B
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Answer the next question based on the following data. (These national income figures are in billions of dollars.)Personal consumption expenditures$4,500Consumption of fixed capital150Gross private domestic investment800Government purchases950Exports65Imports85GDP in this economy is ________.
A. $6,230 billion B. $6,380 billion C. $6,080 billion D. $6,400 billion
The price elasticity of demand for a good that is a necessity is likely to be:
A) unit elastic. B) perfectly elastic. C) elastic, but not perfectly elastic. D) inelastic.
For a retailer buying from a wholesaler, volume discounts do not violate the Robinson-Patman act because
a. To sell larger volumes, the retailer himself has to offer discounts b. To sell larger volumes, the retailer has to incur costs in promoting the item c. To sell larger volumes, the retailer has to hold the items in inventory longer d. All of the above
Physicians who own their own diagnostic testing facilities tend to order more tests, charge higher fees for them, and have higher total bills to patients. This practice of self-referral is an example of:
a. adverse selection. b. cognitive dissonance. c. physician-induced demand. d. moral hazard. e. res ipsa loquitor.