Decreases in taxes shift the aggregate demand curve to the right.
Answer the following statement true (T) or false (F)
True
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Marginal utility is the
A) usefulness of a product. B) utility that a person receives from the consumption of goods and services. C) change in utility that results from a one-unit change in the quantity of a good consumed. D) change in utility that results from a one-unit change in the price of a good consumed.
Answer the following statements true (T) or false (F)
1. Macroeconomics and microeconomics are concerned with the well-being of only people with jobs and high incomes; they just examine it from a different perspective. 2. Economies that are primarily market-oriented have fewer regulations. 3. The economics approach can be a useful way to analyze and understand the tradeoffs of economic decisions. 4. Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. 5. Economists use the term supply to refer to the amount of some good or service a customer is willing to supply at each price.
Fractional reserve banking began as a search for
A. a different metallic monetary system. B. additional sources of gold. C. different types of borrowers. D. additional profits.
Figure 9.6 represents the market for health insurance. Suppose there are two types of consumers, low-cost consumers with $2,000 average medical expenses per year, and high-cost customers with $4,000 average medical expenses per year. The insurance companies estimate that 40% of its customers are high-cost type. If the insurance companies set the price equal to their average cost per customer, what type of customers will dominate the market?
A. low-cost customers B. high-cost customers C. Both types equally split the market. D. There is not sufficient information.