Suppose the figure below shows Luke's demand curve for check-ups along with the supply curve for check-ups.  If Luke had first-dollar medical insurance, then he would choose to have ________ check-ups a year.

A. 4
B. 5
C. 3
D. 2

Answer: B

Economics

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Sandra consumes two goods–tea and coffee. Her demand for tea is inelastic while her demand for coffee is elastic. If there is an increase in the price of both tea and coffee, ________

A) Sandra's expenditure on both tea and coffee is likely to increase B) Sandra's revenue on both tea and coffee is likely to decrease C) Sandra's expenditure on tea will increase and her expenditure on coffee will decrease D) Sandra's expenditure on coffee will increase and her expenditure on tea will decrease

Economics

Chelsea was a manager at a vinyl records store who recently quit because she felt the recent popularity of vinyl is a current fad that will eventually fade away. She is now actively looking for a job in the hospitality industry. Chelsea is considered:

A) Frictionally Unemployed B) Cyclically Unemployed C) Structurally Unemployed D) Not in the labor force

Economics