The American Medical Association, a physicians' union, is a good example of a(n):
A. Demand-enhancing union
B. Craft union
C. Inclusive union
D. Industrial union
B. Craft union
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Which of the following is a microeconomic statement?
A. The price of personal computers declined 4.7 percent last year. B. The real domestic output increased by 2.3 percent last year. C. The general price level increased by 3.1 percent last year. D. Unemployment was 6.5 percent of the labor force last year.
If a grocery store offers a five percent discount to senior citizens, this is an example of ________ and is ________.
A) price discrimination; only illegal if the practice substantially lessens competition or tends to create a monopoly B) conditional sales; always illegal per se C) conditional sales; only illegal if the practice substantially lessens competition or tends to create a monopoly D) price discrimination; always illegal per se
The profit-maximizing firm will operate at an output of
A. 0J.
B. 0K.
C. 0L.
D. 0M.
Which of the following statements about medical care costs is true?
A. In the United States, workers are taxed on company-funded medical care expenses. B. In the last decade, medical care costs have risen more slowly than the overall rate of inflation. C. Third-party payers have been able to force large reductions in medical expenses. D. Medical care costs per person have risen faster than income per person.