Arguably, the most important factor affecting economic well-being is
A. the inflation rate.
B. the unemployment rate.
C. the growth of budget deficits.
D. the growth in productivity.
E. the growth of monopoly power by firms.
Answer: D
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Refer to Figure 3-1. If the product represented is an inferior good, a decrease in income would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.
Average fixed cost:
A. equals marginal cost when average total cost is at its minimum. B. graphs as a U-shaped curve. C. declines continually as output increases. D. may be found for any output by adding average variable cost and average total cost.
To the degree that the American Medical Association constraints the number of new spots that are available in the nation's medical schools, it is
A. shifting the demand for physicians to the right. B. kinking the supply of physicians to make it vertical at the level of the constraint. C. shifting the supply of physicians to the right. D. shifting the demand for physicians to the left.
From 2007 to 2013, total tuition revenue to public institutions of higher education
A. decreased 15%. B. increased 26%. C. increased 52%. D. remained constant.