In which of the following countries does health insurance not pay for most preventive care procedures?
A) Canada B) Japan
C) the United Kingdom D) the United States
B
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When contestable markets exist,
a. it must be an oligopoly b. the firms set high prices and earn economic profits c. the threat of new firms entering keeps prices low d. the government must take steps to regulate the firms e. laissez-faire can lead to greater market concentration
Suppose an airline ticket from Charlotte to Dallas costs $525 . A bus ticket is $325 . Traveling by plane will take 5 hours, compared with 25 hours by bus. Thus, the plane costs $200 more but saves 20 hours of time . Other things constant, an individual will gain by choosing air travel if, and only if, each hour of her time is valued at more than
a. $10 per hour. b. $13 per hour. c. $20 per hour. d. $105 per hour.
A market is contestable if
A. the number of firms is larger than oligopoly. B. firms spend a lot on advertising. C. there is free entry and exit. D. firms have kinked demand curves.
Which of the following statements is true?
A. As consumption increases, total utility must increase. B. Total utility increases initially and then decreases as marginal utility approaches zero. C. If marginal utility is greater than zero, total utility is increasing. D. If marginal utility is zero, total utility is at a minimum.