A situation in which output decreases while prices increase is often referred to as:
A. inflation.
B. negative economic growth.
C. a recession.
D. stagflation.
Answer: D
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The table above shows techniques that can be used to produce 100 shirts. The technique that is NOT technologically efficient is
A) W. B) X. C) Y. D) Z.
If you go to a bar tonight and have three beers before going home to study economics, will you likely receive some consumer’s surplus? Explain why or why not.
What will be an ideal response?
Generalizing using statistical discrimination is:
A. an irrational response and always leads to loss of surplus. B. a rational response to being on the wrong end of an information asymmetry. C. a rational response, although government always steps in to prevent it. D. All of these statements are true.
In the 19th century hospitals had notorious reputations—questionable places to visit, risky places to stay. What advances changed all this?
a. Development of the germ theory of disease. b. Advances in medical technology. c. Availability of health insurance to pay the bills. d. All of the above.