Which of the following statements about the needs approach for estimating the amount of life insurance to purchase is (are) true?
(i) it involves an analysis of various family needs which must be met if a family breadwinner dies.
(ii) its use is appropriate only if a person currently has no life insurance protection.
(a) i only
(b) ii only
(c) both i and ii
(d) neither i nor ii

The basic difference between macroeconomics and microeconomics is that: a. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). b. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. c. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). d. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.

Which of the following has the largest impact on opportunity cost

Suppose the production function in an economy is y = k0.5l0.5, where k is the amount of capital and l is the amount of labor. the economy begins with 64 units of capital and 16 units of labor. use a calculator and equations in the chapter to find a numerical answer to each of the following questions. what are the wage and the rental price of capital? the wage is equal to unit(s) of output and the rental price of capital is equal to unit(s) of output.