Which of the following would be the most accurate description of demand for health care?
a. perfectly elastic
b. relatively elastic
c. relatively inelastic
d. perfectly inelastic
c
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In most less developed countries, the initial target of import substitution is to promote domestic production of
(a) consumer goods. (b) food and other agricultural goods. (c) capital goods. (d) manufactured intermediate goods.
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
For a monopoly, the marginal revenue curve ________ its demand curve.
A. is the same as B. is above C. has no relation to D. is below
Unregulated natural monopolists produce suboptimal rates of output.
Answer the following statement true (T) or false (F)