The price elasticity ofdemand for insulin is:
A. likely to be perfectly inelastic over some range of prices.
B. perfectly elastic.
C. a large portion of someone's income.
D. low relative to the supply.
A. likely to be perfectly inelastic over some range of prices.
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Suppose your expenses for this term are as follows: tuition: $10,000, room and board: $6,000, books and other educational supplies: $1,000
Further, during the term, you can only work part-time and earn $8,000 instead of your full-time salary of $20,000. What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college? A) $11,000 B) $17,000 C) $23,000 D) $29,000
The marginal productivity theory of income distribution states that
A) income distribution is determined by the marginal productivity of the factors of production that individuals own. B) as more and more units of labor are added to a fixed quantity of capital, eventually labor's contribution to a firm's income will decrease. C) factors of production in short supply command higher prices than those available in abundant quantities. D) capital owners receive the bulk of a nation's income because capital-intensive production generates productivity gains.
Which of the following statements best reflects the law of diminishing marginal utility?
A. "I have to have a scoop of ice cream on my pie." B. "I'll never get tired of your cooking." C. "The last bite tastes just as good as the first." D. "I couldn't eat another doughnut if you paid me." E. "I prefer to eat several small meals a day, rather than three large ones."
In a simple closed economy, the income approach to calculating GDP is:
A. wages + interest + rental income - profits. B. wages + government - earned interest + rental income + profits C. wages + interest + government income + profits D. wages + interest + rental income + profits.