Which is the most accurate statement?
A. Doctors' incomes are high because the demand for their services is high relative to the supply.
B. Doctors' incomes are high because the supply of their services is high relative to the demand.
C. Doctors' incomes are low because the demand for their services is high relative to the supply.
D. Doctors' incomes are low because the supply of their services is high relative to the demand.
A. Doctors' incomes are high because the demand for their services is high relative to the supply.
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How many and what fraction of the world's people live in advanced economies? In emerging market and developing economies?
What will be an ideal response?
Refer to Table 2-15. What is Jack's opportunity cost of mowing a lawn?
A) one-half of a garden cultivated B) two lawns mowed C) two-thirds of a garden cultivated D) one and a half lawns mowed
Which of the following is true regarding tacit collusion?
A) It is an informal, unstated agreement. B) It is illegal. C) It is more likely to occur when the price elasticity of demand is large. D) It is more likely to occur when barriers to entry are low.
If the Fed lends to member banks, what happens to reserves and the money supply?
a. Reserves increase and the money supply decreases. b. Both increase. c. Reserves decrease and the money supply increases. d. Both decrease.