A student comments to his roommate that the only way he will be able to pass his final exams is to not sleep for the next three days. This statement suggests that
A) society should value good grades more highly than sleep because students can catch up on their sleep once final exams are over.
B) there is a trade-off between studying and sleep.
C) students are more concerned about good grades than good health.
D) society should value sleep more highly than good grades.
Ques. 2List the characteristics of a monopolistically competitive market.
What will be an ideal response?
Ques. 3What is the most common type of business?
A) partnership
B) corporation
C) sole proprietorship
D) They are equally represented because of federal laws.
Ques. 4What is meant by the statement People trade, not nations.
What will be an ideal response?
Ques. 5The total amount of producer surplus in a market is equal to the area below the supply curve.
Indicate whether the statement is true or false
Ques. 6What is the marginal utility per dollar and how is it calculated?
What will be an ideal response?
Ques. 7In which of the following countries are substantial co-payments typically required as a part of the health care system?
A) Canada and the United States B) the United States and the United Kingdom
C) the United States and Japan D) Japan and Canada.
Ques. 8When there is a positive externality in a free market, too much of the good is produced and consumed.
Indicate whether the statement is true or false
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