Using the physician-control model to explain hospital behavior leads to which of the following conclusions?
a. Other medical inputs tend to be overused to maximize physicians' productivity.
b. The use of operating rooms will be maximized with little excess capacity.
c. Physicians will strive to utilize the nursing staff efficiently.
d. All investment decisions will be based on optimal resource use.
a. Other medical inputs tend to be overused to maximize physicians' productivity.
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The full-employment level of real GDP is the level which can be produced with:
a. both given technology and productive resources, and cyclical unemployment equal to zero. b. both given technology and productive resources, and frictional and structural unemployment equal to zero. c. given technology and productive resources. d. frictional and structural unemployment equal to zero. e. cyclical unemployment equal to zero.
Compare the special-interest effect with rent-seeking
Please provide the best answer for the statement.
Workers and firms are currently expecting the price level to increase from 110 to 114. The Federal Reserve then announces that it will be reducing the growth rate of the money supply
If the Fed's announcement is credible, and firms and workers have rational expectations, describe how the expectations of firms and workers will be affected and how the change in expectations will affect the unemployment rate.
The goal of fiscal policy after the Great Depression was to: a. balance federal budget
b. manipulate aggregate demand and supply to fight unemployment. c. influence aggregate demand. d. influence aggregate supply. e. push the aggregate demand and supply curves to the right.