Economists argue that in treating patients:
A. physicians should use any test or procedures that might help the patient.
B. health care should not be rationed by physicians because it is an entitlement or right.
C. both benefits and costs should be taken into account by physicians.
D. physicians should use any test or procedure whose marginal benefit is positive.
Answer: C
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Sammy has a drone that he values at $1,500. Frank values the same drone at $1,000. The government offers a subsidy of $800 to the buyers of drones, and Sammy and Frank agree on a price of $1,600
Producer surplus is ________ and consumer surplus is ________. A) $100; $200 B) $700; $600 C) $200; $1,400 D) $300; $100
Product variety and information for consumers are gains from
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
Economists frequently urge governments of developing countries to replace import quotas with import tariffs as a first step in a strategy that aims to reduce import protection
What is the reasoning offered by economists to support this recommendation to developing countries?
Janis mows the lawn in 1 hour and types a paper in 1 hour. Kristen mows the lawn in 2 hours and types a paper in 1 hour. Which of the following statements is true?
a. Kristen has an absolute advantage in typing and a comparative advantage in mowing. b. Janis has an absolute advantage in both activities and a comparative advantage in typing. c. Janis has an absolute advantage in both activities and a comparative advantage in mowing. d. The opportunity cost of mowing the lawn is greater for Kristen than it is for Janis. e. Neither Janis nor Kristen would gain from specialization.