The health care market is characterized by:
A. extensive negative externalities.
B. significant positive externalities.
C. perfect knowledge by both buyers and sellers.
D. a perfectly inelastic demand.
Answer: B
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Refer to Table 8-1. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the production of the coffee drinks. Using the information in the above table, nominal GDP for this simple economy equals
A) 3,090 units. B) $7,250. C) $8,750. D) $9,750.
Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D1 and S1 (point A)
If there is an increase in the wages of motorcycle workers and an increase in the price of motorcycle insurance, a complement to motorcycles, the equilibrium could move to which point? A) A B) B C) C D) E
When it is cheaper for one firm to produce a particular product, ____ exist(s).
A. economies of scale B. economies of scope C. diminishing marginal returns D. cross-subsidization
Who of the following would be included in the Bureau of Labor Statistics' "unemployed" category?
a. Juan Carlos, a full-time student who is not looking for work b. Kevin, who is on temporary layoff c. Andrea, who has retired and is not looking for work d. All of the above are correct.