Which of the following is a demand-increasing factor in the health care market?
A. Rising incomes.
B. The aging of the population.
C. Asymmetric information.
D. All of these.
Answer: D
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Refer to the scenario above. If the best response of one bidder is to place a bid of $9,000, what is her maximum willingness to pay for the necklace?
A) $10,000 B) $9,000 C) $4,500 D) $18,000
An increase in the demand for a product will cause the
a. demand for and prices of the resources used to produce the product to increase. b. demand for and prices of the resources used to produce the product to decrease. c. demand for and prices of the resources used to produce the product to remain unchanged. d. price of the product to decrease.
Suppose the tax on gasoline is decreased from $0.60 per gallon to $0.40 per gallon. As a result,
a. tax revenue necessarily decreases. b. the deadweight loss of the tax necessarily decreases. c. the demand curve for gasoline necessarily becomes steeper. d. the supply curve for gasoline necessarily becomes flatter.
The Ogallala aquifer is a large underground pool of fresh water under several western states in the United States. Any farmer with land above the aquifer can at present pump water out of it. We might expect that
a. over time, the aquifer is likely to be overused. b. each farmer has a sufficient incentive to conserve the water. c. state governments have an incentive to insure that their farmers do not overuse the water. d. resources would be used more efficiently if the government paid for the pumps farmers use to get the water.