Singapore encourages competition in its health care market by:
A. requiring hospitals to post prices for services and by government publishing hospital
performance records.
B. avoiding any government involvement in the health care market.
C. operating government-run hospitals to compete directly with private hospitals.
D. outsourcing all of its health care services to foreign providers.
Answer: A
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In the long run, a perfectly competitive firm can
A) only make an economic profit. B) only make zero economic profit. C) only incur an economic loss. D) make an economic profit, make zero economic profit, or incur an economic loss.
Which statement best defines the classical perspective?
a. Aggregate supply determines aggregate demand. b. Aggregate demand does not matter for anything. c. Aggregate supply determines real variables such as output. d. Aggregate demand determines all endogenous variables.
Assuming that the demand and supply of a good have moved in the same direction, and by the same amount, the new equilibrium would represent: a. an increase in price and an increase in quantity exchanged
b. no change in price and an increase in quantity exchanged. c. a decrease in price and a decrease in quantity exchanged. d. no change in price, and an indeterminate change in quantity exchanged.
If the capital stock increases, then the economy can produce ____ output with the ____ amount of labor
a. same, same b. less, same c. more, same d. less, less