Which three macroeconomic variables together best describe the health of the economy?
A. Output, GDP, and inflation
B. GDP, unemployment, and employment
C. Output, prices, and employment
D. Output, inflation, and prices
Answer: C
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According to the Aggregate Demand Aggregate Supply diagram, short-term, an anti-inflation policy creates:
A. higher output. B. higher unemployment C. lower inflation. D. higher inflation.
The marginal productivity theory is irrelevant to organizing production in a socialist society
a. True b. False Indicate whether the statement is true or false
The principle of marginal decision-making manifests itself in medical markets in many ways. Which of the following statements is not true?
a. It was unnecessary to mandate coverage of routine preventive screening with zero out-of-pocket cost because most people already received that benefit. b. Balancing incremental benefits with incremental costs is essential for optimal resource allocation. c. Insurance coverage allows patients to ignore many of the trade-offs that usually go along with consuming scarce resources. d. Generous insurance coverage with low out-of-pocket costs leads to patients undervaluing the cost the resources used to provide their care - leading to overconsumption.
The maximization of profit and the minimization of losses is the primary factor affecting the economic decision making of:
A. entrepreneurs. B. workers. C. consumers. D. public officials.