Which of the following could reduce economic efficiency?
a. laws that encourage lawsuits
b. policies that redistribute income
c. policies that impose significant restrictions on international trade
d. All of the above are correct
d
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The Haig-Simons definition of income includes
A. employer pension contributions and insurance purchases. B. transfer payments. C. income in-kind. D. all of these answer options are correct.
Suppose that the production function for the economy is Y = AK0.5L0.5. If the capital stock = 40,000, the quantity of labor = 10,000, and the efficiency index = 3, real GDP is
A) $60,000. B) $75,000. C) $150,000. D) $300,000.
The law of diminishing marginal utility states that total utility increases by smaller and smaller increments as more of a good is consumed
a. True b. False Indicate whether the statement is true or false
National health care programs are not as effective as they could be because:
A. health care providers tend to have a high absentee rate. B. traditional Western medicine is largely untrusted in most parts of the developing world. C. many doctors in clinics do not have sufficient knowledge to properly diagnose patients. D. patients are not receptive to utilization of modern medicine in most nations.