Which of the following is true of the fifo inventory method?
a. it assumes that the cost of the earliest units purchased are the first to be allocated to the ending inventory.
b. it assumes that the cost of the earliest units purchased are the first to be allocated to cost of goods sold.
c. it assumes that the cost of the earliest units purchased are the last to be allocated to cost of goods sold.
d. it assumes that the cost of the earliest units purchased are the last to be allocated to the beginning inventory.

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.

Every 10 years, the federal government sponsors a national survey of health and health practices (nhanes). one question in the survey asks participants to rate their overall health using a 5-point rating scale. what is the scale of measurement used for this question? ratio ordinal interval nominal

Which represents a surplus in the market? a market price equals equilibrium price. b quantity supplied is greater than quantity demanded. c market price is less than equilibrium price. d quantity supplied equals quantity demanded.