Surgical specialists earn more than general/family practice physicians. Which of the following statements is not true regarding this income differential?
a. Surgeons earn more because their practice costs, including medical malpractice insurance is higher.
b. Surgeons earn more to compensate them for the extra years spent as residents.
c. Physicians' incomes are determined to a large extent by supply and demand conditions with respect to each specialty.
d. Surgeons will always earn more than general practitioners because they are smarter than general practitioners.
e. Surgeons earn more than general practitioners because cutting into people is messy.
D
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Increases in investment exceed increases in output because of the multiplier effect
Indicate whether the statement is true or false
Keeping $20 in currency to be able to buy gasoline, money is performing which function?
A) medium of exchange B) unit of account C) store of value D) barter mechanism E) symbol of fiat
Typically, the budget deficit is financed by: a. printing money. b. issuing debt
c. raising taxes. d. both a. and c.