Refer to Figure 7-4. If consumers paid the full price of medical services, the equilibrium quantity would be
A) 200. B) 500. C) 700. D) >700.
B
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Answer the following statement(s) true (T) or false (F)
1. Unlike a consumer, a competitive profit-maximizing firm faces no constraints. 2. Optimization typically requires use of the equimarginal principle. 3. A world in which most people are irrational would have to function much differently than a world in which most people are rational. 4. An economist uses a consumer's demand curve to express the solutions to a family of optimization problems. 5. Economic models of markets generally treat prices as exogenous variables.
A positive nominal interest rate indicates
a. how fast the number of dollars in your savings account is rising over time. b. how fast the purchasing power of your savings account is rising over time. c. the number of dollars in your savings account today. d. the purchasing power in your savings account today.
If one Mexican peso was worth 0.05 U.S. dollar, then one U.S. dollar would be worth:
a. 20 Mexican pesos. b. 0.05 Mexican pesos. c. 5 Mexican pesos. d. 1 Mexican peso. e. 2 Mexican pesos.
Exhibit 12-6 Lorenz curves
Exhibit 12-6 shows the Lorenz Curve for three countries, I, II, and III. Which of the following statements is true?
A. Country I has the most unequal income distribution. B. Country II has the more equal income distribution than Country I. C. Country I has the most equal income distribution. D. Country III has the most equal income distribution.