In industrially advanced countries, estimates suggest the income elasticity of demand for health care is about:
A. +3.
B. +6.
C. -
2.
D. +1.
Answer: D
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If the demand for computers increases as consumers' incomes rise, then computers are:
A. a normal good. B. a complementary good. C. an inferior good. D. a substitute good.
An economist would predict that if the government imposes price controls on medical care, the result will be an increase in the supply of affordable care in the United States.
Answer the following statement true (T) or false (F)
Explain which of the following government policies would tend to make more sense in terms of consumer protection: The licensure of interior designers or the licensure of pharmacists
What will be an ideal response?
The existence of marginal social benefits which are not marginal benefits for the industry producing the import substitutes
A) is an argument supporting free trade and non-governmental involvement. B) is an argument supporting the use of an optimum tariff. C) is an argument supporting the use of market failures as a trade-policy strategy. D) is an argument rejecting free trade and supporting governmental involvement. E) is an argument rejecting the domestic market failure concept.