The economic behavior of government is constrained by
a. limited budgets
b. the absence of prices on most government output
c. moral philosophy of the community
d. low voter participation rates
e. political self interest
A
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Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. At an output of 30,000 units
A) the marginal cost of iced tea is greater than the marginal benefit; therefore, output is inefficiently high. B) producers should raise the price to $3 in order to sell the quantity demanded of 30,000. C) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently high. D) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently low.
A decision to increase the parameter ? in the MP curve is an example of ________
A) autonomous easing B) leftward movement along the curve C) rightward movement along the curve D) endogenous response E) autonomous tightening
The marginal cost curve intersects the average variable cost curve (AVC)
a. only when the AVC is rising b. at the AVC curve's maximum point c. at the AVC curve's minimum point d. only when the AVC is sloping downward e. when the AVC intersects the fixed cost curve
Based on the table showing health care spending in selected countries, which country shown spends the second-highest percentage of GDP on healthcare?
a. Germany
b. Japan
c. Mexico
d. Switzerland