Related to the Economics in Practice on p. 52: It would most likely be ________ if a particular day's weather influenced the purchase of a durable good such as an automobile.
A. impossible
B. expected
C. a surprise
D. normal behavior
Answer: C
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Refer to Figure 5-3. With insurance and a third-party payer system, the equilibrium quantity of medical services is
A) 400. B) 800. C) 1,200. D) > 1,200.
Refer to Scenario 10.9. What level of output maximizes the sum of consumer surplus and producer surplus?
A) 0 B) 30 C) 45 D) 60 E) none of the above
Economic development is:
A. a measurement of available resources. B. an indicator of individual poverty. C. about the quality of life for all sectors of society. D. about increases in real GDP only.
The MPC and MPS in the economy:
Answer the question on the basis of the following table:
A. are .4 and .6 respectively.
B. are .6 and .4 respectively.
C. are .8 and .2 respectively.
D. cannot be determined from the information given.