The word best associated with price elasticity of demand is
A) relative.
B) total.
C) absolute.
D) unit.
Answer: A
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If marginal costs are rising
A) total fixed costs are falling B) average fixed costs are constant. C) average fixed costs are rising D) none of these choices.
Which of the following changes would cause a movement along the U.S. demand curve for a foreign currency?
a. An increase in U.S. real GDP b. A fall in U.S. real GDP c. A rise in the U.S. interest rate d. A change in the exchange rate e. An expectation that the exchange rate is going to fall.
Define the following terms and explain their importance to the study of economics
a. demand b. surplus c. equilibrium d. law of supply and demand e. quantity demanded
What effect have Medicare subsidies had on the consumption of medical services?
A. The consumption of medical services has increased because Medicare subsidies give people the incentive to seek more care than they would otherwise. B. The effect cannot be measured because it is difficult to quantify the amount of resources devoted to our health care system. C. The consumption of medical services has been unaffected, because people don't consider the financial cost when seeking services related to their health. D. The consumption of medical services has been unaffected, because government restrictions have prevented patients from seeking a level of care above and beyond what they would choose if they had to pay for medical treatment out of pocket.