National income accounting can best be characterized as:
a. a set of rules used to summarize economic activity over a given period of time.
b. a method for comparing different political systems.
c. a microeconomic model of the economy used by the Federal Reserve bank.
d. a statistical measure of the income received by consumers as opposed to businesses.
e. a standardized economic report authored by politicians.
a
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The ability of a firm to charge a price greater than marginal cost is called
A) market power. B) monopoly power. C) price-making power. D) cost-plus pricing.
Big Health is a large health care insurance provider and offers two types of policies. Policy A has an annual price of $1,000 and a co-pay of $20 (the fee that the policy owner pays when seen by a doctor) and Policy B has an annual price of $500 and a co-pay of $50. Individuals will ________ when they choose a policy and Policy ________ will appeal to healthy individuals who do not plan on
needing extensive health care. A) self-reveal; A B) signal; A C) self-reveal; B D) signal; B
The consumer price index is designed to measure the extent to which
a. the cost of a typical bundle (market basket) of consumer goods has changed over time. b. consumers have increased their spending over time. c. GDP is allocated to consumers, rather than to business or government, over time. d. prices paid by employers to resource owners have changed over time.
A sidewalk runs across Jermichael's front yard near the street. By law, anyone has the right to use the sidewalk. When Jermichael shovels the sidewalk after a heavy snowstorm,
a. he is providing a good that is excludable. b. he is a free rider. c. those who walk on the sidewalk are using a club good. d. he is providing a good that is not rival and not excludable.