One special feature about health-care services is that society regards them as:
A. Private goods
B. An entitlement
C. Something to be rationed by price and ability to pay
D. Normal goods
B. An entitlement
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According to the example in the? book, medical research has shown that grapefruit juice can adversely affect the effectiveness of certain medications. This is likely to affect the demand for grapefruit because
A. the number of grapefruit sellers will decrease. B. people will buy less grapefruit because their incomes have increased. C. people will buy less grapefruit because their tastes and preferences have changed. D. the prices of oranges will change.
An annually balanced federal budget
A. enables fiscal policy to be implemented in a timely and selective manner, without the drag on consumption and saving that is usually associated with federal borrowing. B. essentially eliminates the use of fiscal policy for stabilizing the economy. C. could bring the economy up to full employment if a deflationary GDP gap exists. D. would reduce tax collections, thereby stimulating aggregate demand.
The transactions approach to measuring M1 includes all of the following EXCEPT
A. currency. B. traveler's checks. C. checking accounts. D. certificates of deposit.
The importance of international trade in the U.S. economy
A. has been decreasing and is expected to continue to decrease. B. has been increasing but is expected to decrease in the future. C. has been increasing and is expected to continue to increase. D. has been decreasing but is expected to start to increase.