____________are generally associated with labor and raw materials.
Fill in the blank(s) with the appropriate word(s).
Ans: variable costs
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The purchase of a new machine to replace the one that is worn out is:
a. not included in GDP. b. included in gross investment. c. considered a personal consumption expenditure. d. not included in GNP. e. an increase in inventories.
Which of the following statements is the most important reason that medical care markets do not fit the competitive model very well?
a. Consumers have a difficult time evaluating the quality of care. b. There are so many not-for-profit providers in the market. c. There are too many low-income consumers desiring to purchase medical care. d. Consumers have a difficult time determining prices before the transaction is completed. e. Providers find it easy to transfer their resources to other uses.
World output of goods and services increases with specialization because
A. Each country's workers are willing to work harder than they did before specialization. B. The world's workers are more educated than before specialization. C. Each country's production possibilities curve shifts rightward. D. The world's resources are being used more efficiently.
Figure 9.1 represents the market for used bikes. Suppose buyers are willing to pay $200 for a plum (high-quality) used bike and $50 for a lemon (low-quality) used bike. If buyers believe that 50% of used bikes in the market are lemons (low quality), what fraction of used bikes sold will actually be lemons (low quality)?
A. 8/30 B. 22/30 C. 8/22 D. 30/30