The biggest declines in prices in the last few years have come from medical care.
Answer the following statement true (T) or false (F)
False
The biggest declines in prices have come in the technology area.
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A society is saving lives (productively) efficiently if
a. there are no unemployed resources in the health care sector b. there are no unemployed resources anywhere in the economy c. there is no way to save more lives d. there is no way to save more lives without sacrificing some other goods or services e. the opportunity cost of saving one more life is zero
Have you ever gone to an auction? You see people bidding against each other for a good, such as an oil painting. As the bidding price inches upward, people drop out of the bidding process. Why? Because for the people dropping out, the
a. ratio of marginal utility to price of the good increases beyond the ratio of other goods b. marginal utility per dollar of the good increases beyond the marginal utility per dollar of other goods c. marginal utility per dollar of the good decreases below the marginal utility per dollar of other goods d. marginal utility of the good falls to zero e. ratio of marginal utility to price of the good falls to zero
In recent years, which countries have taken a unilateral approach to the removal of trade restrictions?
a. China and North Korea b. Chile and South Korea c. Russia and Japan d. the United States and Mexico
Joe is shopping for a new computer. A computer can be delivered to Joe's home for $1,200. Alternatively, Joe can pick up the same computer at the warehouse for $1,000. How should Joe buy the computer?
A. Joe should drive to the warehouse if his cost of driving to the warehouse is greater than $200. B. Joe should drive to the warehouse because the $200 he would save by driving to the warehouse is more than 10% of the purchase price. C. Joe should drive to the warehouse if his cost of driving to the warehouse is less than $200. D. Joe should drive to the warehouse because $1,000 is less than $1,200.