If the American Medical Association lobbied successfully to eliminate licensing laws for physicians,
a. physicians' salaries would increase
b. the supply curve of physicians would shift to the left
c. physicians' salaries would decrease
d. the supply curve of physicians would become more inelastic
e. the supply curve of physicians would become more elastic
C
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Saving is not a problem in the classical model because
A) savers and investors are the same people. B) interest rates are flexible, and savings were channeled into investment. C) the classical economists assume that saving was beneficial to people for retirement. D) saving would be spent by consumers eventually.
How does a government budget surplus or deficit influence the loanable funds market?
What will be an ideal response?
Problems for farmers in the last half of the 19th century included
a. falling per capita incomes. b. reduced domestic agricultural output. c. rising prices for consumer goods. d. increased world supply of agricultural products. e. All of the above.
The balance on the current account ____________
a. can never be negative b. can be positive or negative c. must always be one d. must always be zero e. is an itemized account of a nation's foreign economic transactions