Which of the following are variable costs of production?
a. the wages paid to non-salaried employees
b. the cost of wood used to produce furniture
c. the cost of electricity that powers the lighting and computer systems in an office building
d. All of the above are variable costs of production.
d
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A country club charges a membership fee. Members pay competitive prices for the club's recreation and restaurant services. This situation is an example of
a. first-degree price discrimination. b. second-degree price discrimination. c. third-degree price discrimination. d. a two-part tariff.
Which of the following statements does not explain why US health care expenditures are higher than in other countries?
A) Government policies have shifted the health care production function downward over time. B) Consumer incomes have increased, which allows consumers to purchase more health care. C) The US health care system is relatively inefficient compared to other countries. D) Demand for health care in the US has increased, so health care production occurs at a higher point on the total product curve than in other countries.
A nation’s capital consists mainly of stocks, bonds, and other financial assets.
Answer the following statement true (T) or false (F)
?A short-run aggregate supply curve (SRAS) assumes:
A. ?the CPI is fixed. B. ?each point on the SRAS is potential real GDP. C. fixed or sticky nominal wages. D. ?nominal wages vary directly with price changes.