In the United States, the smallest source of expenditure on healthcare is
A) government expenditure.
B) private insurance expenditure.
C) out-of-pocket expenditure.
D) unknown.
C
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Wendy has to decide between taking a flight and driving to California. Air tickets cost $800 and will get her to California in 2 hours. If she decides to drive, she would need $300 worth of gasoline and 10 hours to reach her destination
Suppose that Wendy's opportunity cost of time is $20 per hour. Assuming that there are no other costs involved, use cost-benefit analysis to decide whether she should fly or drive to California. If Wendy has an important business meeting to attend and this increases her opportunity cost of time to $200 per hour, will her optimum decision change? Explain.
The current account is equal to
A) S - I. B) C + I + G + X. C) I + X. D) T - G.
A person who wins a large sum of money in the state lottery is likely to
a. increase the amount of market work offered at each wage rate b. not change the amount of work offered at each wage rate c. decrease the amount of work offered at each wage rate d. substitute market work for leisure time due to the substitution effect e. substitute market work for leisure time due to the income effect
For a firm, the production function represents the relationship between
a. implicit costs and explicit costs. b. quantity of inputs and total cost. c. quantity of inputs and quantity of output. d. quantity of output and total cost.