Since health care is considered a necessity with few substitutes, it has ______ demand.
a. elastic
b. inelastic
c. low
d. decreasing
b. inelastic
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The economic expansion that began in 1991
a. lasted approximately five years. b. lasted approximately twelve years. c. lasted approximately nine years. d. was the longest expansion in U.S. history. e. was the second longest expansion in U.S. history.
A nation can accelerate its economic growth by:
A. reducing the number of immigrants allowed into the country. B. adding to its stock of capital. C. printing more money. D. imposing tariffs and quotas on imported goods.
The substitution effect indicates that a profit-seeking firm will use:
A. more of an input whose price has fallen and less of other inputs in producing a given output. B. more of all inputs if production costs fall. C. more of those inputs whose marginal productivity is the greatest. D. less of an input whose price has fallen and more of other inputs in producing a given output.
Deregulation implies that government failure is worse than the market failure that regulation is designed to correct.
Answer the following statement true (T) or false (F)