Up until World War II inflation in the U.S. ________
A) remained around zero on average
B) rose and remained quite high for an extended period of time
C) has gone up and down but has always remained well above zero
D) increased by a factor of four every year
E) decreased by 30% every year
A
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Ramen noodles are a staple food item for many college students. Ramen noodles are very inexpensive, easy to prepare, and can be combined easily with other foods. After students graduate, find employment, and earn a higher income, they decrease their Ramen noodle purchases significantly. In this case, Ramen noodles are
A) a normal good. B) an inferior good. C) a complement for higher income people. D) a substitute good. E) None of the above answers is correct.
Resources are efficiently allocated when production occurs at that point at which
a. marginal cost intersects average variable cost b. price is equal to average revenue c. price is equal to marginal cost d. marginal revenue equals marginal cost e. price is equal to average variable cost
The tax burden will fall most heavily on sellers of the good when the demand curve
A. is relatively flat, and the supply curve is relatively steep. B. is relatively steep, and the supply curve is relatively flat. C. and the supply curve are both relatively flat. D. and the supply curve are both relatively steep.
charging higher prices for one category of patients in order to provide free or subsidized care to another group is called:
a. categorical costing. b. price discrimination. c. reprehensible and unethical. d. creative accounting. e. cost-shifting