One problem with employer mandated health insurance is _____
a. it increases the cost of hiring employees
b. it makes it difficult to employ highly-skilled individuals
c. it provides universal coverage
d. it creates moral hazard
a
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An industry where the capital-labor ratio is relatively high is characterized as
A. capital intensive. B. labor intensive. C. income intensive. D. market intensive.
The demand curve any monopolist uses in making output decisions is:
a. the same as the demand curve facing a perfectly competitive firm. b. vertical, because there are no close substitutes for its product. c. horizontal, because there are no close substitutes for its product. d. the same as the market demand curve. e. perfectly inelastic.
Which of the following is most consistent with the basic postulate of economics: changes in incentives exert a predictable impact on human behavior?
a. Farmers produce fewer bushels of wheat in response to an increase in the price of wheat. b. People will buy more milk at a price of $3 per gallon than at $2 per gallon. c. People will buy less gas if the price of gas increases by $0.50 per gallon. d. People will consume more beef if the price increases from $1 to $2 per pound.
In a Cournot oligopoly, a decrease in a firm's marginal cost leads to:
A. reduced output and a lower price. B. higher output and a higher price. C. higher output and a lower price. D. reduced output and a higher price.