One reason to require medical practitioners to be licensed is that
A. medical care involves substantial externalities.
B. medical care consumers lack perfect information.
C. medical care is so expensive.
D. medical care is a public good.
Answer: B
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In the above figure, consumption expenditure is shown by flow
A) A. B) B. C) C. D) F.
Refer to Figure 12-4. If the market price is $30, the firm's profit-maximizing output level is
A) 0. B) 130. C) 180. D) 240.
Which of the following ways to recruit soldiers utilizes incentives?
A) a draft B) universal service C) higher salaries D) longer lengths of service
A specific tax:
A. is a fixed dollar amount that must be paid on each unit bought or sold. B. is a tax that is stated as a percentage of the good's price. C. is a tax that is stated as a percentage of the good's price, which increases as quantity bought increases. D. is a tax that is only paid by producers.