Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is:
A. not an economic problem because it's an hour that Chris has no matter what he does.
B. not an economic problem because neither activity costs money.
C. an economic problem because the tuition Chris pays covers the cost of both the gym and the library.
D. an economic problem because Chris has only one hour, and engaging in one activity means giving up the other.
Answer: D
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Capitation
a. creates pressures to provide fewer services. b. is a fixed payment determined in advance to pay for all medically-necessary care. c. is the maximum allowable fee in a fee-for-service system. d. shifts financial risk onto patients. e. Both a and b are correct.
Investment is lowered by expansionary monetary policy
a. True b. False Indicate whether the statement is true or false
The price elasticity of supply tells us:
A. in which direction the quantity supplied changes as we move along the supply curve. B. how quickly the supply will respond to a change in price. C. the magnitude of shift in the supply curve in response to a change in price. D. the percentage change in quantity supplied when the price of the good changes by one percent.
Which of the following is not an assumption of the theory of consumer behavior described in this chapter?
A. The consumer has make decisions within a given budget constraint B. The consumer experiences diminishing marginal utility from consuming goods C. The consumer's tastes and preferences continually change within the period studied D. The consumer aims to get maximum total utility out of a given budget