When real GDP increases, this implies that the production of goods and services has risen
a. True
b. False
Indicate whether the statement is true or false
True
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What is the relationship between the marginal product of labor and the marginal cost?
What will be an ideal response?
If consumers paid the full price of medical services instead of using health insurance and third-party payers to cover part of the cost, the quantity of medical services provided would decrease
Indicate whether the statement is true or false
Daniel Hammermesh and Stephen Donald studied the determinants of the earnings of college graduates years after they graduated. Which of the following is one result of their study?
A) Students who took more Advanced Placement (AP) courses while still in high school earned significantly more income for each AP course they passed with a grade of 4 or 5. B) Students who took at least three economics courses earned about 9 percent more income than students who took no college economics courses. C) Students who had taken 15 credits of upper-division science and mathematics courses and earned high grades in these courses earned about 10 percent more than students who took no upper-division classes in these subjects. D) The earnings of identical twins were about 9 percent higher than the earnings of all other students.
The demand for lobster is lower in the spring than in the summer. If the price of lobster is higher in spring than in summer then
a) consumers' tastes for lobster are greater in spring than in summer b) the supply of lobster is greater in summer than in spring. c) there are more substitutes for lobster in summer than there are in spring d) there is a shortage of lobster in spring and a surplus of lobster in summer