Answer the following questions true (T) or false (F)
1. Changes in the health of the average person are an important indicator of changes in the standard of living.
2. The overall mortality rate in the United States has remained fairly constant for the past 35 years.
3. Life expectancy at birth in the United States has more than doubled since 1850.
1. TRUE
2. FALSE
3. TRUE
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How might unemployment benefits create a moral hazard problem?
What will be an ideal response?
Roughly speaking, peak-load pricing makes users at peak times pay for capacity while users at off-peak times pay only for operating cost
Indicate whether the statement is true or false
We say that money is a store of value because it represents:
A. a standard unit of comparison. B. a certain amount of purchasing power held over time. C. something you can directly offer, like any good or service, in exchange for some good or service you want. D. something you can use to purchase goods and services.
Economic theory asserts that:
a. both implicit costs and explicit costs are relevant in decision making. b. only implicit costs are relevant in decision making. c. only explicit costs are relevant in decision making. d. a cost to be incurred in the future should count more heavily than a cost incurred today