Studies and recent experience suggest that there is considerable potential for substitution between doctors and nurses in the production of health care services
Indicate whether the statement is true or false
TRUE
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A testable proposition that predicts how people will react to changed circumstances is called a hypothesis
a. True b. False Indicate whether the statement is true or false
Assume that a 4 percent increase in income results in a 2 percent increase in the quantity demanded of a good. The income elasticity of demand for the good is
a. negative, and the good is an inferior good. b. negative, and the good is a normal good. c. positive, and the good is a normal good. d. positive, and the good is an inferior good.
Government intervention can serve to stabilize the macro economy by
A. Regulating monopolies and encouraging the equitable distribution of output. B. Reducing employment and encouraging economic growth. C. Reducing inflation and encouraging economic growth. D. Reducing inflation and encouraging the equitable distribution of income.
Which of the following is most likely NOT an example of a normal good?
A. Sports cars B. Bus travel C. Lobster D. Jacuzzis