As per capita GDP has risen in the United States and other countries,
a. life expectancy and leisure time have also risen and infant mortality and illiteracy have gone down..
b. life expectancy has risen but leisure time has gone down, while infant mortality and illiteracy have remained the same.
c. various quality of life variables have been unaffected.
d. most quality of life variables such as life expectancy and expenditures on leisure time activities have fallen.
A
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According to the total revenue rule, if the coefficient of price elasticity of demand is less than 1 and if price goes
a. up, total revenue stays the same. b. down, total revenue goes up. c. down, total revenue goes down. d. up, total revenue goes down.
An insurance policy is a product that:
A. allows people to pay to reduce uncertainty in some aspect of their lives. B. involves a company paying individuals very large sums of money if they encounter any risk. C. involves individuals paying a company to ensure they don't experience any risk. D. involves individuals paying a regular fee in return for an agreement that the insurance company will cover all expenses associated with risky behavior.
The positive slope of the AS curve is a _____ phenomena, when the _____ are held constant
a. long-run; business profits b. short-run; government expenditures c. short-run; costs of production d. long-run; commodity prices e. long-run; aggregate expenditures
The difference between zero accounting profit and zero economic profit is that
a. economists include opportunity cost in zero economic profit, while accountants do not include opportunity cost in zero accounting profit. b. economists do not include opportunity cost in zero economic profit, while accountants do include opportunity cost in zero accounting profit. c. economists include opportunity cost in zero accounting profit, while accountants do not include opportunity cost in zero economic profit. d. economists do not include opportunity cost in zero accounting profit, while accountants do include opportunity cost in zero economic profit.