The portion of food and expenditures associated with activities of firms beyond the farm gate is known as
A) value added. B) consumer surplus. C) the marketing bill. D) none of the above.
Answer: C
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Refer to Table 19-2. Suppose that a simple economy produces only four goods and services: shoes, DVDs, tomatoes, and ketchup. Assume one half of the tomatoes are used in making the ketchup and the other half of the tomatoes are purchased by households. Using the information in the above table, nominal GDP for this simple economy equals
A) $7,400. B) $6,400. C) $5,800. D) 2,440 units.
What is a monopsony?
What will be an ideal response?
Finkelstein and McKnight (2008) provide an empirical estimate of the benefits to seniors of the 1965 introduction of Medicare. Which of the following statements is true concerning the results of this study?
a. There is evidence of a significant reduction in mortality from specific causes (e.g., cardiovascular disease) and the mortality rates of certain vulnerable population groups (e.g., non-whites). b. The introduction of Medicare in 1965 played an essential role in the decline in mortality rates for the elderly over the following decade. c. The real impact of the introduction of Medicare was on the reduction in out-of-pocket health care spending for households faced with catastrophic events (those in the top 25 percent of spenders). d. The long-run benefits of Medicare may be due to encouraging the use of preventive care to control chronic illnesses.
Which of the following shows a decrease in income in this graph?
a. Area f is larger than area e.
b. Area f is larger than area d.
c. Area d is larger than area f.
d. Area d is larger than area e.