Jury verdicts that award wildly inflated compensation to victims for "pain and suffering" in medical malpractice cases serve indirectly to
A. encourage high quality medical care at the lowest possible cost.
B. reward physicians for treating indigent patients.
C. increase the cost of medical care in the U.S.
D. provide incentives for efficient operation of Medicare and Medicaid.
Answer: C
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Fiscal policy is:
A. government decisions about the level of taxation and public spending. B. congressional budget office decisions. C. the decisions that affect the available money supply in the economy. D. government decisions about the level of the interest rate in the economy.
Which term describes the phases of expansion and contraction in an economy over time?
A. Recessions B. Prosperity C. Total product oscillations D. Business cycles
Give an example of an increasing-cost industry and explain why it fits this category. Avoid using examples provided in the text.
What will be an ideal response?
Innovations in the United States, such as credit cards, debit cards, ATM:s, and online-banking have:
A. decreased the demand for money. B. had no impact on the supply or demand for money. C. increased the supply of money. D. increased the demand for money.