The introduction of new technology causes
a. the production function to shift upward
b. real output to decrease
c. a decrease in the standard of living
d. decreases in capital stock
e. productivity to decrease
A
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Many health economists believe that health-care reform will:
a. decrease demand for new, better, and more expensive medical advances. b. lower premiums for young adults c. eliminate private health insurance entirely. d. have a very limited effect on reducing government health-care expenditures.
An increase in the price of bread produced domestically will be reflected in
a. both the GDP deflator and the consumer price index. b. neither the GDP deflator nor the consumer price index. c. the GDP deflator but not in the consumer price index. d. the consumer price index but not in the GDP deflator.
Risk aversion:
A. is an aspect of an individual's preferences. B. is the same for everyone. C. is an unusual type of preference. D. All of these statements are true.
A free market system tends to
A. produce a fairly equal distribution of income. B. pay people exactly what they are worth. C. produce a relatively unequal distribution of income. D. pay most people more than they are worth, at the expense of reducing firms’ profits.