Much

1. what is the definition of gross income?

a.) amount of income saved per year
b.) amount earned before deductions
c.) amount of tax deducted from income
d.) amount received after deductions

4. the best reason to record income at the top of a budget is..

a.) to easily add expenses to it.
b.) it is the foundation of the budget.
c.) to avoid spending too much money.
d.) it is more important than expenses.

13. read the scenario.

yuri has $100 to spend at the store. he spots a pair of designer jeans with a $98 price tag on them but knows that he can buy three pairs of $30 jeans for about the same price. he decides to buy the $98 pair.

what is yuri's motivation behind buying the pricier pair?

a.) emotional spending
b.) confusing needs and wants
c.) greedy spending
d.) conspicuous consumption

14. which is a kind of federal payroll tax?

a.) medicare tax
b.) sales tax
c.) property tax
d.) progressive tax

Consider how health insurance affects the quantity of health care services performed. suppose that the typical medical procedure has a cost of $160, yet a person with health insurance pays only $40 out of pocket. her insurance company pays the remaining $120. (the insurance company recoups the $120 through premiums, but the premium a person pays does not depend on how many procedures that person chooses to undergo.) consider the following demand curve in the market for medical care. use the black point (plus symbol) to indicate the quantity of procedures demanded if each procedure has a price of $160. then use the grey point (star symbol) to indicate the quantity of procedures demanded if each procedure has a price of $40. q d at p=$160 q d at p=$40 0 10 20 30 40 50 60 70 80 90 100 200 180 160 140 120 100 80 60 40 20 0 price of medical procedures quantity of medical procedures demand if the cost of each procedure to society is truly $160, the quantity that maximizes total surplus is procedures. economists often blame the health insurance system for excessive use of medical care. given your analysis, the use of care might be viewed as excessive because consumers get procedures whose value is than the cost of producing them.

Read the following paragraph, and choose the best revision for one of its sentences.dr. blake is retiring at the end of the month. there will be an unoccupied office upon his departure, and it is big in size. because every other office is occupied, we should convert dr. blake’s office into a lounge. it is absolutely essential that this issue is discussed at the next staff meeting. (a) because every other office is occupied, it’s recommended that we should convert dr. blake’s office into a lounge. (b) because every other office is filled, we should convert dr. blake’s office into a lounge.

Which of the following has the largest impact on opportunity cost