A universal health insurance program, which lowers patient's out-of-pocket expenses, would tend to
A) reduce the number of patients seeking medical care.
B) reduce the number of doctors offering medical care.
C) increase the non-monetary costs of medical care, such as waiting longer in line.
D) generate all of the above.
C
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All the decisions made by people who operate firms have one overriding objective, which is to ________
A) make maximum attainable profit B) maximize the firm's total revenue C) maximize the firm's market share D) maximize the quantity that the firm sells
(I) Historically, countries with colonial settlers who planned on staying for long periods of time set up sound economic institutions. (II) Countries with harsh environments not suitable for permanent settlements resulted in colonial settlers adopting weaker and less productive economic institutions before leaving
a. I is true; II is false.
b. I is false; II is true.
c. Both I and II are true.
d. Both I and II are false.
The difference between a supply schedule and a supply curve is that a supply schedule
a. incorporates demand and a supply curve does not. b. incorporates profit and a supply curve does not. c. can shift, but a supply curve cannot shift. d. is a table, and a supply curve is drawn on a graph.
Answer the following statement(s) true (T) or false (F)
1. You can often predict people’s behavior if you know what their incentives are. 2. Lower prices are negative incentives to producers but positive incentives to consumers. 3. Positive incentives are generally considered more effective than negative incentives. 4. An absolute advantage occurs when a person, a region, or country can produce a good or service at a lower opportunity cost than others.