Producing more cabbage is efficient if
a. cabbage production can be increased without reducing production of other goods.
b. the opportunity cost of more cabbage is less than its marginal utility.
c. society values the additional cabbage more highly than the lettuce it must give up to produce the extra cabbage.
d. All of the above are correct.
d
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An advantage of the establishment survey over the household survey of the labor market is that the establishment survey
A) includes the number of self-employed persons. B) provides an estimate of the number of persons unemployed. C) is based on actual payrolls, rather than on unverified answers. D) includes persons employed at newly opened firms.
A homeowner’s roof is damaged during a hail storm, so the homeowner files a claim with his insurance company. The roof repair will cost $1,000. According to the insurance policy, the insurance company must pay 70% of the repair cost, and the homeowner must pay 30%. Which term describes this method of cost-sharing?
a. Copayment b. Coinsurance c. Deductible d. Fee-for-service
Price level changes have their greatest effect on consumers'
a. income. b. wealth. c. debt. d. expectations.
The________point is the total output or total product the business needs to sell in order to cover its total costs.
Fill in the blank(s) with the appropriate word(s).