Studying inflation in the United States from 1970 to 2006 is an example of using
A) randomized controlled experiments.
B) time series data.
C) panel data.
D) cross-sectional data.
Answer: B
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All else equal, the amount of waste caused by full health insurance is:
A. larger the higher is the price elasticity of demand for medical services. B. larger the lower is the price elasticity of supply for medical services. C. smaller the higher is the price of medical services. D. larger the lower is the price elasticity of demand for medical services.
If inflation is anticipated, some effects of inflation on the redistribution of income can be avoided
Indicate whether the statement is true or false
When the price of a product decreases, the marginal revenue product curve in a perfectly competitive market
A) does not change. B) becomes flatter. C) shifts to the right. D) shifts to the left.
For a particular good, a 5 percent increase in price causes a 15 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
a. There are many substitutes for this good. b. The good is a necessity. c. The market for the good is broadly defined. d. The relevant time horizon is short.