The price of a given basket of goods in Year 1 was $1,300. The price of the same basket of goods in Year 2 was $1,560. The consumer price index for Year 2 taking Year 1 as the base year is ________
A) 120 B) 156 C) 100 D) 101
A
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Consumers usually pay less than the total cost of medical treatment because
A) a third party, usually an employer, often pays most of the bill. B) competition forces doctors and hospitals to charge prices that do not cover their costs. C) the federal government pays for most medical procedures. D) a third party, usually an insurance company, often pays most of the bill.
According to the law of diminishing returns
A) the total product of an input will eventually be negative. B) the total product of an input will eventually decline. C) the marginal product of an input will eventually be negative. D) the marginal product of an input will eventually decline. E) none of the above
If some nonprice level determinant causes total spending to decrease, then the effect on aggregate demand will be a: a. movement upward along the curve
b. movement downward along the curve. c. shift to the left. d. shift to the right.
What role does freedom play in capitalism? How important is it to the operation of a competitive market economy?
Please provide the best answer for the statement.