Which of the following is not true?
a. Voluntary exchange is expected to be advantageous to both parties to the exchange
b. What one trader gains from a trade, the other must lose.
c. If one party to a potential voluntary trade decides it does not advance his interests, he can veto the potential trade.
d. The expectation of gain motivates people to engage in trade.
b
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What is the economic problem?
What will be an ideal response?
When the Patient Protection and Affordable Care Act is fully implemented, it will
a. substantially reduce the share of health care expenses paid by a third party. b. require individuals to pay an annual tax-penalty of up to $695 if they do not have an approved health insurance plan. c. require firms with fewer than 50 employees to provide health insurance for their workers. d. make it legal for individuals to purchase health insurance from an insurer in another state.
When a firm experiences continually declining average total costs,
a. the firm is a price taker. b. society is better served by having one firm supply the product. c. the firm will earn higher profits than if average total costs are increasing. d. All of the above are correct.
The price index was 170 in the first year, 180 in the second year, and 195 in the third year. The inflation rate was about
a. 5.6 percent between the first and second years, and 7.7 percent between the second and third years. b. 5.9 percent between the first and second years, and 8.3 percent between the second and third years. c. 10 percent between the first and second years, and 15 percent between the second and third years. d. 80 percent between the first and second years, and 95 percent between the second and third years.