It is often impossible for a business firm to determine its private costs of production
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose in a country, the working-age population doubles due to immigration. However, the country neglects investment in research and development and hence the country's level of technology is stagnant
Which of the following statements will be true of this economy? A) The economy will experience steady economic growth. B) The savings rate will remain stagnant over the years. C) The economy's output will rise at an increasing rate over time. D) The economy cannot achieve a sustained growth.
Because consumers who have insurance provided by their employers usually only pay a deductible for a visit to the doctor's office
A) they demand a larger quantity of health care services than they would if they paid a price that better represented the true cost of providing the service. B) the insurance companies provide a larger quantity of health care services than they would if the consumer paid a price that better represented the true cost of providing the service. C) the doctors supply a smaller quantity of health care services than they would if the consumer paid a price that better represented the true cost of providing the service. D) they demand a smaller quantity of health care services than they would if they paid a price that better represented the true cost of providing the service.
If a bank's reserves are exactly equal to the required amount of reserves, then it has no excess reserves
a. True b. False Indicate whether the statement is true or false
If price increases 6% and the quantity exchanged decreases 6%, what does that tell us about the elasticity of supply? a. It tells us nothing about the elasticity of supply. b. Supply is elastic
c. Supply is inelastic. d. Supply is unit elastic.