If virtual reality headsets are considered substitutes for game consoles, an increase in the price of virtual reality headsets would, all else equal
A) increase the demand for game consoles.
B) decrease the demand for game consoles.
C) increase the quantity of game consoles demanded.
D) decrease the quantity of game consoles demanded.
Answer: A
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Analysts cite figures on the number of uninsured in the U.S. as low as 10 million and as high as 60 million. Which of the following is a true statement?
a. The uninsured are all free riders. b. Most of the uninsured have health problems and are not able to get private health insurance. c. Most of the uninsured have some labor-force connection—either working or a dependent of someone who is working. d. The lack of health insurance means that the individual has virtually no access to medical care. e. Once you lose your health insurance it is extremely difficult to get reinsured.
If people have a positive rate of time preference, they
a. must be rewarded for saving b. are willing to pay more for a good that saves them money if they hold on to it a long time c. prefer to consume in the future when things are cheaper d. prefer time deposits to savings accounts e. prefer leisure over labor
A profit-maximizing firm will hire workers up to the point at which
A) MRP < MFC. B) MRP = MFC. C) MRP > MFC. D) MRP = MPP.
An example of a standardized good is:
A. iron. B. cereal. C. soda. D. pizza.