An individual's demand curve for a good is derived by
a. varying the income level and observing the resulting total utility derived from both goods.
b. varying the price of one good and observing the resulting quantities of the other good.
c. shifting the budget line to the left and calculating the loss in total utility.
d. varying the price of one good and observing the resulting quantities demanded of that good.
D
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If consumers paid the full price of medical services instead of using health insurance and third-party payers to cover part of the cost, the quantity of medical services provided would decrease
Indicate whether the statement is true or false
VRIN or VRIO is an example of a
A) five forces model B) resource-base model C) supply and demand model D) dark-side model
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.
Which of the following represents a problem with using per capita GDP to compare standard of living between less-developed and industrially advanced countries?
A. GDP per capita does not take into account differences in population between countries. B. GDP is particularly difficult to measure in industrially advanced countries because a much larger percentage of economic activity occurs outside of officially measured market activity than in less-developed countries. C. GDP per capita will overstate the prevailing standard of living for the average person in countries with extreme levels of income inequality. D. GDP per capita and other quality of life measures are not correlated.