In the above figure, at an output level of Q1, total variable cost is
A. OD times Q2.
B. OF minus DF.
C. OF.
D. OF times Q1.
Answer: D
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When buyers are reluctant to buy, and sellers are reluctant to sell because both are discouraged by imperfect information, a(n) ______________ can result.
a. asymmetrical market b. thin market c. unbalanced market d. thick market
Under the current structure of Medicare, economic theory indicates that the movement of the baby boom generation into the retirement phase of life will
a. reduce the share of healthcare services paid for by a third party. b. push both healthcare prices and expenditures upward. c. increase the incentive of suppliers to provide healthcare services at a low cost. d. increase the incentive of consumers to economize on their use of healthcare.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced. B. an unattainable production point. C. what society wants. D. the economy's optimal production point.
The relationship between the size of the negative GDP gap and the unemployment rate is:
A. direct. B. inverse. C. undefined. D. direct during recession but inverse during expansion.