The utility of a good or service:
A. is synonymous with usefulness.
B. is the satisfaction or pleasure one gets from consuming it.
C. is easy to quantify.
D. rarely varies from person to person.
Answer: B
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What has happened to health care's share of gross domestic product in the United States since 1965? How does this compare to what has happened to out-of-pocket spending on health care as a percentage of all spending on health care?
What will be an ideal response?
The production possibilities curve demonstrates the basic economic principle that:
a. market-based economies are more efficient. b. supply will determine demand in the economy. c. the production of more capital goods this year will cause the economy to produce less consumption goods next year. d. to produce more of any one thing, assuming full employment, the economy must produce less of something else. e. to produce more consumption goods this year requires the production of more capital goods this year.
One advantage of a tariff over a quota, from the perspective of the nation imposing it, is that a tariff
a. decreases the domestic price b. increases the foreign price c. increases the quantity of imports d. decreases the quality of imports e. raises tax revenue
Both tariffs and quotas will restrict supplies coming into the country from abroad
a. True b. False Indicate whether the statement is true or false