A price floor does not benefit producers
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following refers to human capital?
a. Money spent by business to acquire labor b. The acquired skill and productivity of workers c. The plant and equipment used with labor d. Money spent on purchasing the latest machinery e. Money that workers save
An attempt to use government spending to boost the economy may bring
A. deflation. B. anarchy. C. inflation. D. fiscal instability.
Which of the following is a provision of the Patient Protection and Affordable Care Act?
A. Insurance companies may not legally deny coverage to anyone on the basis of a preexisting medical condition. B. Every firm must purchase health insurance for their employees or face a $2,000 fine per employee. C. Every individual must purchase their own health insurance for themselves and their dependents or pay a fine. D. Adult children of parents with employer-provided health insurance can remain covered by their parents' insurance through age 35.
Which of the following conditions does not need to occur for a market to achieve allocative efficiency?
A. The total revenue received by producers equals the total cost of production. B. Consumers' maximum willingness to pay equals producers' minimum acceptable price for the last unit of output. C. The marginal benefit of the last unit produced equals the marginal cost of producing that unit. D. The sum of producer and consumer surplus is maximized.