As a percentage of national income, the U.S. spends more money on health care than any other industrialized nation.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 2Susan works 60 hours a week while Rachel works 20 hours because she is unable to find full-time work. Which of the following statements is true?
a. Susan is likely to work for an extra hour without a pay hike.
b. Rachel is unlikely to give up another hour's leisure without a pay hike.
c. Susan's opportunity cost of leisure is likely to be lower than Rachel's.
d. Susan is unlikely to give up another hour's leisure without a pay hike.
QUESTION 3A major institution in international regulation is the
A) WTO.
B) Federal Reserve.
C) FDIC.
D) TSA.
QUESTION 4Discrimination occurs when someone is denied employment on the basis of some non-economic factor such as race, religion, or gender.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 5Lisa's hourly pay increases from 8 to 10 as her performance improves. We can conclude that:
a. her marginal cost of leisure declines.
b. her opportunity cost of leisure increases.
c. her opportunity cost of work increases.
d. her marginal cost of work declines.
QUESTION 6A competitive strategy is
A) is the development of a price fixing arrangement.
B) the development of a distinctive capability.
C) a rent-seeking strategy.
D) a path to accounting profits.