The benefit (or satisfaction) that an individual expects to derive from an activity is called...
What will be an ideal response?
utility
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One problem with traditional health insurance plans is _____
a. people have little choice over physicians b. it has eliminated employer-provided health care c. doctors have little incentive to economize d. patients spent too much time scrutinizing their bills
The Fed is reluctant to change the required reserve rate because:
A. the money multiplier is not impacted by the required reserve rate. B. the time lag between changing the required reserve rate and changes in the money supply can be too long. C. changes in the rate have a small impact on the actual quantity of money. D. small changes in the required reserve rate can have too big of an impact on the money multiplier and the level of deposits.
The textbook refers to the following quotation from a Federal Reserve publication: "Trade is a win-win situation for all countries that participate." But many firms and workers oppose free-trade policies and protests against globalization have become a
regular occurrence at meetings of the World Trade Organization. If trade is a "win-win" situation, why is there strong opposition to free trade and globalization? What will be an ideal response?
Excess capacity is a characteristic of monopolistically competitive firms. What does excess capacity mean?
A) It means that firms hire more than the minimum number of workers needed to produce the profit-maximizing level of output. B) It means that firms build plants that are not large enough to achieve minimum efficient scale. C) It means that firms do not produce the output level that corresponds to the minimum point on their average total cost curves. D) It means that firms produce with inefficient combinations of resources.