A(n) _______________ good is one in which as income rises or falls, there is no change in the demand for the good
A) normal
B) inferior
C) neutral
D) substitute
E) complementary
C
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In the above figure, if the natural monopoly is not regulated then consumer surplus is
A) $48 million. B) $60 million. C) $108 million. D) $192 million.
The goal of health insurance is to
a. redistribute income from the sick to the healthy. b. spread risk over a large group of people. c. equally distribute the probability of loss over a large number of people. d. collect sufficient premiums to cover all possible losses. e. equalize the availability of medical care across population groups.
Which of the following statements is not true?
A. Trade is beneficial because it allows all domestic industries to increase production. B. Trade is beneficial because it allows consumption beyond the production possibility frontier. C. Trade is beneficial because it allows more efficient production. D. Trade is beneficial because it allows consumers to buy goods at cheaper prices.
The ratio of nominal GDP to the stock of money is the
A. velocity of money. B. real GDP. C. money multiplier. D. GDP deflator.