The percentage of total national income spent on health care in the United States has
A) declined rapidly since 1965.
B) remained below the level of inflation.
C) risen steadily since 1965.
D) remained constant over the last few years.
C
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In the above figure, if the firm increases its output from Q1 to Q2, it will
A) reduce its marginal revenue. B) increase its marginal revenue. C) decrease its profit. D) increase its profit.
Table 7-6 Number of ovens 2 2 2 2 2 2 2 2 Labor hours used 1 2 3 4 5 6 7 8 Loaves of bread produced 20 34 55 70 82 91 94 92 Table 7-6 shows a baker’s daily production relationship for bread. Diminishing returns to labor begin when the baker goes from
A. one hour of labor to two hours of labor. B. three hours of labor to four hours of labor. C. six hours of labor to seven hours of labor. D. seven hours of labor to eight hours of labor.
Good A is a normal good. The demand curve for good A:
A) slopes downward. B) usually slopes downward, but could slope upward. C) slopes upward. D) usually slopes upward, but could slope downward.
Cartel prices are inherently stable.
Answer the following statement true (T) or false (F)