One of the reasons that Real Gross Domestic Product is not synonymous with social welfare is
A. domestic production (cooking, laundry and such) are not counted.
B. things produced by people under 18 are not counted.
C. quality has remained steady.
D. people substitute between goods.
Answer: A
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A goal of market-based reforms of the health care system is to give patients an incentive to pay more attention to the prices of medical services. This would tend to ________ economic efficiency by ________ the costs of medical services
A) increase; increasing B) decrease; increasing C) increase; decreasing D) decrease; decreasing
One reason China has been able to grow so rapidly even though its financial development is still in its early stages is
A) the high savings rate of around 40%. B) the shift of labor to the agricultural sector. C) the stringent enforcement of financial contracts. D) the ease of obtaining high-quality information about creditors.
Total revenue is:
a) The profit a company earns from the sales of goods. b) Equal to revenues minus the costs of production. c) The price of a product times the quantity sold in a given time period. d) The additional revenue earned from the sale of one more unit.
Refer to the information provided in Table 6.3 below to answer the question(s) that follow. Table 6.3Dozens of Oysters per DayTotal UtilityMarginal Utility160?2104?3134?4152?5?8Number ofBeers per DayTotal UtilityMarginal Utility140?270?394?4114?5?14Refer to Table 6.3. Diminishing marginal utility sets in after the ________ dozen oysters per day.
A. first B. second C. third D. fourth