Roundabout production occurs when
a. entrepreneurs hire others to work for them, rather than taking the time to produce things themselves
b. workers avoid intermediary entrepreneurs and cooperate to produce output themselves
c. inefficient technology is used
d. producers make capital goods instead of consumption goods
e. a company takes time to market shares in the company
D
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Infrastructure investment appears to have little impact on economic growth and development
a. True b. False Indicate whether the statement is true or false
The cost disease of personal services causes
a. the cost of health care to rise faster than the economy's rate of inflation. b. legislators to blame declining standards of quality at public hospitals on greedy doctors or administrators. c. legislators to propose price controls on insurance. d. All of the above are correct.
The three largest categories of spending by the Federal government in order from first to third would be
a. income security, net interest, and national defense b. national defense, net interest, and income security c. income security, health, and national defense d. health, income security, and national defense
Consider the market for new DVDs. If DVD players became cheaper, buyers expected DVD prices to fall next year, used DVDs became more expensive, and DVD production technology improved, then the equilibrium price of a new DVD would
a. rise. b. fall. c. stay the same. d. could rise, fall, or remain unchanged.