The fraction, or percentage, of total income which is consumed is called the:
a. Break-even income
b. Average propensity to consume
c. Consumption schedule
d. Marginal propensity to consume
b. Average propensity to consume
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. Saturday afternoon you can either attend a street festival, work and earn $100, or study for your midterm exam. You flip a coin between the street festival and studying, but did not really consider working. The coin flip determined that you would stay home and study. The opportunity cost of the time spent studying includes:
A. the loss of $100 worth of wages and going to the street festival. B. earning a high score on your midterm. C. the benefit that could have been received at the street festival. D. The time you spent deciding upon using a coin flip to determine your Saturday afternoon activity.
Supply describes how much of something producers:
A. are willing and able to buy under certain circumstances. B. want to sell under certain circumstances, although they may not be able to. C. are willing and able to offer for sale at varies prices under given circumstances. D. want to offer for sale under certain circumstances, although they may not be willing to.
Althea is a student in your class. Althea wears a perfume called Essence of Efficiency. Bob really likes the scent of this perfume, and is disappointed on days when Althea doesn't wear it. Cathy is mildly allergic to this perfume. Her eyes water and her nose becomes runny when Althea comes to class wearing this perfume. Cathy is fine otherwise. This is a story about
a. too much perfume being produced b. too little perfume being produced c. an incomplete market d. inadequate allocation of responsibility e. market failure
As distinct from Medicare, Medicaid is a
a. federally funded, state-administered program that pays medical and hospital costs for welfare recipients and other low-income people b. federally funded and federally operated program that pays medical and hospital costs for welfare recipients and other low-income people c. state-funded and state-operated program that pays medical and hospital costs for welfare recipients and other low-income people d. federally funded and federally operated program that pays medical and hospital cost for elderly (over 65) welfare recipients e. state-funded program which pays the medical and hospital costs for elderly (over 65) welfare recipients