Which of the following can use economic principles to improve how they make important decisions?
A) individuals
B) managers in businesses
C) government policymakers
D) all of the above
Answer: D
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In the one-input model, a convex producer choice set implies an upward sloping marginal cost curve.
Answer the following statement true (T) or false (F)
Imagine that there are two countries, Home and Far Far Away, and that residents of each own only one asset, domestic land yielding an annual harvest of mangoes. Assume that the yield on the land is uncertain
Half the time, Home's land yields a harvest of 5,000 tons of mangoes at the same time as Far Far Away's land yields a harvest of 2,500 tons. The other half of the time the outcomes are reversed. The average for each country mango harvest is A) 2500. B) 2750. C) 3500. D) 3750. E) 3000.
Global budgets coupled with price ceilings can control total spending as long as
a. the price ceilings are negotiated in good faith. b. utilization of services does not increase significantly. c. providers cooperate by only providing "medically-necessary" services. d. patients are required to pay some of the expenses out-of-pocket. e. none of the above. Global budgets can never work to control spending.
At which point might society be able to produce if new resources were discovered but cannot produce with current resources? (See Figure 1.1.)
A. A. B. B. C. C. D. D.