A French citizen lives in Detroit, but works in Windsor, Canada; his income is counted in U.S. GDP
Indicate whether the statement is true or false
FALSE
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At Albert's Pretzel Company, MPL = 1/L, and MPK = 1/K. The isoquant for 100 pounds of pretzels daily is shown in the above figure
Albert minimizes the cost of producing 100 pounds of pretzels daily by hiring 5 units of labor and 10 units of capital when w = 50 and r = 25. When r rises to 100, what is the minimum cost of producing 100 pounds of pretzels daily in the short run? in the long run?
Given whatever income they have, consumers make consumption choices to maximize the
a. total utility of the goods they consume b. marginal utility of the goods they consume c. average utility of each good they consume d. number of goods they buy e. prices of goods they buy
The average household income in the United States in 2011 was about:
A. $35,000 B. $50,000 C. $70,000 D. $100,000
A health care organization that contracts with employers to provide health insurance to their workers, and hires doctors and other groups to provide health care for the workers who are insured is a:
A. Preferred provider organization B. Health maintenance organization C. Diagnosis-related group system D. Regional health alliance