When very few substitutes for a good exist, demand will be
A) elastic.
B) unit-elastic.
C) inelastic.
D) perfectly elastic.
C
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Which of these is one of the major reasons for rapid increases in health care spending in the United States?
A. A decrease in the number of malpractices among doctors. B. Advances in medical technology and new prescription drugs are higher cost. C. There are high rates of labor productivity growth in health care.
For which of the following groups has the poverty rate declined most in the United States?
a. unmarried heads of households b. married heads of households c. less-educated African-Americans d. African-Americans with high school but not college educations e. people 65 and older
The opportunity cost of holding money is measured by the:
a. interest rate b. liquidity lost by holding money. c. money supply curve. d. inflation rate. e. cost of cashing in financial assets.
The Federal Reserve System was established in 1913 in response to the
A) First World War. B) bank panic of 1907. C) depression of 1883. D) prosperity of the 1920s.