John Maynard Keynes believed that the government should play a role in fighting both unemployment and inflation.
Answer the following statement true (T) or false (F)
True
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Refer to Table 2-2. Assume Billie's Bedroom Shop only produces pillows and blankets. A combination of 27 pillows and 14 blankets would appear
A) along Billie's production possibilities frontier. B) inside Billie's production possibilities frontier. C) outside Billie's production possibilities frontier. D) at the vertical intercept of Billie's production possibilities frontier.
A competitive firm has been selling its output for $20 per unit and has been maximizing its profit, which is positive. Then, the price falls to $18, and the firm makes whatever adjustments are necessary to maximize its profit at the now-lower price. Once the firm has adjusted, its
a. quantity of output is lower than it was previously. b. average total cost is lower than it was previously. c. marginal cost is higher than it was previously. d. All of the above are correct.
The maximum out-of-pocket is the
A. amount of covered expense that an insurance company will have to pay before the individual pays anything. B. percentage of a covered expense that an individual will have to pay (after the deductible is met). C. percentage of a covered expense that an insurance company will have to pay (after the deductible is met). D. most of covered expense that an individual will have to pay during a year.
Which of the following is a key difference between the economic activities of government and those of private firms?
A)Private economic activities create externalities; government activities do not. B) Government has the legal right to force people to do things; private firms do not. C) Private firms face the constraint of scarcity; government does not. D) Government focuses primarily on equity; private firms focus only on efficiency.