Typically, the higher the level of income per person in a country, the higher the level of spending per person on health care. This relationship between income and spending indicates that health care is a
A) normal good.
B) inferior good.
C) luxury.
D) necessity.
Answer: A
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If both producers and consumers believe that a product's price will rise in the future, then at the present, demand ________ and supply ________
A) decreases; decreases B) decreases; increases C) does not change; does not change D) increases; decreases E) increases; increases
In Brown v. Board of Education, the Supreme Court ruled that segregated facilities were inherently unequal
Indicate whether the statement is true or false
If marginal profit is zero, then average profit is at a maximum
a. True b. False Indicate whether the statement is true or false
If marginal product is decreasing, then it must be the case that
A. average product is greater than marginal product. B. average product is less than marginal product. C. average product is decreasing. D. both a and c E. none of the above.