(Last Word) The inverse dependency ratio is defined as:
A. the number of people of working age divided by the number of dependents.
B. the number of dependents divided by the number of people of working age.
C. the number of seniors over age 65 divided by the number of youths under age 20.
D. the number of youths under age 20 divided by the number of seniors over age 65.
A. the number of people of working age divided by the number of dependents.
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The implicit GDP deflator is
A) nominal GDP divided by real GDP. B) nominal GDP times real GDP. C) real GDP divided by nominal GDP. D) the zero economic growth society.
How does private information create adverse selection and moral hazard?
What will be an ideal response?
A simple way of describing the social cost of monopoly is to say that it
A) produces too much. B) makes too much money. C) has too much political power. D) restricts output and charges a higher price than a perfectly competitive firm.
If Ethan thinks the last dollar spent on bowling yields more satisfaction than the last dollar spent on hamburgers, and Ethan is a utility-maximizing consumer, he should
a. bowl less, so the marginal satisfaction from expenditures in this area will increase. b. spend more on hamburgers, so total satisfaction from that activity will increase. c. eliminate spending on hamburgers. d. bowl more and spend less on hamburgers.