For an individual who has special talent as a singer, a large proportion of her salary can be considered
A. a fixed cost.
B. opportunity cost.
C. a payment below opportunity cost.
D. economic rent.
Answer: D
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The transactions approach to measuring money stresses the role of money as a
A) store of value. B) unit of accounting. C) medium of exchange. D) standard of deferred payment.
Which of the following statements is TRUE about the role that service exports and imports have in the balance of payments?
A) Service exports and imports are not included in the balance of payments because it is impossible to transport a service to another country. B) Service exports and imports are included in the balance of payments in the labor account. C) Service exports and imports are included in the balance of payments in the official reserve transactions account. D) Service exports and imports are included in the balance of payments in the current account.
The dominant factor affecting medical care delivery and finance in the 1960s was
a. the Hill-Burton Act. b. prospective payment for hospitals. c. thecreation of Medicare and Medicaid. d. the explosive growth of managed care. e. the passage of ERISA.
In their surveys of consumers, Daniel Kahneman, Jack Knetsch and Richard Thaler found that
A) most people considered an increase in price by firms following an increase in their costs to be fair but believed it was unfair for firms to raise their prices because of an increase in demand. B) most people considered it unfair for firms to raise their prices because of an increase in their costs, but fair to raise their prices after an increase in demand. C) most people believed that low-income people were hurt most by increases in prices. D) most people considered any increase in price to be unfair as it led to an increase in profits.