When comparing the measure of goods and services of one country to that of another, economists generally compare:
A. the real GDP.
B. the real GDP per capita.
C. the real GDP and net exports.
D. the real GDP and the labor force.
Answer: B
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If the average cost curve is downward sloping, then
a. marginal cost is smaller than average cost. b. the marginal cost curve is also downward sloping. c. there are increasing marginal returns to labor. d. wages and other input prices are falling.
The defining characteristic of an HMO is:
A. that medical treatment is provided for a fixed annual fee. B. the emphasis on acute medical treatment. C. that medical treatment is provided on a fee-for-service basis. D. that patients have the freedom to see nonmember physicians.
Economists usually believe that:
A. competition encourages innovation. B. innovation encourages competition. C. innovation leads to market power and should be regulated. D. market power leads to innovation.
A firm's incentive to compare marginal revenue and marginal cost is an application of the principle that rational people think at the margin
a. True b. False Indicate whether the statement is true or false