Refer to Figure 7-4. With insurance and a third-party payer system, what price do consumers pay for medical services?
A) $25 B) $40 C) $55 D) >$55
A
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Which of the following is an example of regulating quality standards?
a. Advertising bans. b. Blue laws. c. The minimum wage. d. Professional licensing requirements.
In the long run, the real interest rate is 3 percent, real GDP grows at 4 percent, velocity is constant, and the quantity of money grows at 6 percent. The nominal interest rate is
A) 3 percent. B) 10 percent. C) 5 percent. D) 6 percent. E) 4 percent.
Fiscal policy is most effective when
A) I is very sensitive to r. B) LP is not very sensitive to r. C) LP is very sensitive to r. D) I is not very sensitive to r.
What would happen to a production possibilities frontier (with capital goods measured on the vertical axis and consumption goods on the horizontal axis) if there is an increase in the labor force?
a. The entire frontier would shift outward. b. The upper part of the frontier would shift outward while the lower part would shift inward. c. Nothing, there would be no movement of the frontier. d. The entire frontier would shift inward. e. The lower part of the curve would shift outward while the upper part would shift inward.