Is the United States a service economy? Explain based on the types of personal consumption expenditures
What will be an ideal response?
Yes a case can be made that the United States is a service economy because services account for about 60 percent of personal consumption expenditures. Nevertheless, personal consumption expenditures on the other 40 percent are also important for the economy. Durable goods account for 10 percent and non durable goods account for 30 percent of personal consumption expenditures. So the U.S. economy is oriented to services, but all three types of personal consumption expenditures are still important.
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Suppose the cost function is C(Q) = 50 + Q ? 10Q2 + 2Q3. At 3 units of output, the marginal cost curve is:
A. in the declining stage. B. at the maximum level. C. in the increasing stage. D. at the minimum level.
A firm will practice price discrimination when it believes that by doing so it will be able to increase total
A. profits. B. sales. C. revenue. D. production.
As a percentage of all spending on health care, out-of-pocket spending has ________ in the United States
A) remained fairly constant for the last 50 years B) steadily declined for the past 50 years C) rapidly increased for the last 50 years D) erratically increased and decreased over the past 50 years
Why is data an essential component of the scientific method?
What will be an ideal response?