The cost to a physician of tending a patient is
A) dependent on the number of years over which the physician practices.
B) higher for a recent medical-school graduate than for a physician with a well-established practice.
C) the value of the time when spent in its next best use.
D) zero under a system of complete and comprehensive medical insurance.
C
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In the figure above, the dark triangle is the
A) consumer surplus. B) deadweight loss. C) producer surplus. D) total cost. E) economic profit.
Suppose the price of X increases by 10 percent while the quantity demanded of Y does not change. We would conclude that
A) the two goods are substitutes, but the cross elasticity of demand is not large. B) the two goods are complements, but the cross elasticity of demand is not large. C) the two goods are perfect substitutes. D) the two goods are not related.
In cities with rent controls, the actual rents paid can be higher than the legal maximum. One explanation for this is
A) rent control laws are so complicated that landlords and tenants may not be aware of what the legal price is. B) landlords are allowed to charge more than the legal maximum on some apartments so long as they charge less on others. C) because there is a shortage of apartments, tenants often are willing to pay rents higher than the law allows. D) the legal penalty landlords face for charging more than the legal maximum rent is less than the revenue earned by charging their tenants more than the maximum rent.
Which of the following is not seen by economists as an underlying cause of business cycle fluctuations?
A. Unexpected financial bubbles that eventually burst. B. Shocks to the money supply by the nation's central bank. C. Supply shocks caused by major innovations. D. All of these are identified as causes of business cycle changes.