Most doctors and hospitals operate as private businesses in all of the following countries except
A) Canada.
B) Japan.
C) the United Kingdom.
D) the United States.
Answer: C
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The deadweight loss of taxation on a good is higher if ________
A) the demand or the supply of the good is relatively price elastic B) a progressive tax system is practiced C) a low rate of tax is imposed on the sale of the good D) there is only one seller in the market
Firms tend to raise the price of their goods after acquiring a firm that sells a substitute good because
a. They lose market power b. There is an increase in the overall demand for their products c. The bundle has a more elastic demand than individual goods d. The bundle has a more inelastic demand than individual goods
Which of the following is not true of long run equilibrium under monopolistic competition? a. Price equals marginal cost
b. Price equals average cost. c. Price equals minimum average total cost. d. None of the above.
Why is the personal income tax considered to be one of the main features of our modern economy that helps ensure against a repeat performance of the Great Depression?