Some economists have argued that certain characteristics of the delivery of health care justify government intervention. One of these characteristics is
A) health care is nonrivalrous and nonexcludable. B) health care generates negative externalities.
C) health care is a public good. D) health care generates positive externalities.
D
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
In assessing the difference between monopoly performance and that of perfect competition, the best approach is to
A. measure the output of the monopolist and the output of the perfectly competitive firm. B. measure the output of the monopolist and the output of the perfectly competitive industry. C. measure the output purchased by consumers from the monopolist and from the perfectly competitive firm. D. calculate the marginal cost of the monopolist and of the perfectly competitive firm.
Suppose nominal GDP equaled $10,988 billion while the M2 money supply was $6,063 billion. What was the velocity of the M2 money stock?
A. 0.45 B. 0.55 C. 1.81 D. 2.36
Which of the following statements best summarizes the law of diminishing marginal returns?
A) In the short run, as more labor is hired, output diminishes. B) In the short run, as more labor is hired, output increases at a diminishing rate. C) In the short run, the amount of labor a firm will hire diminishes as output increases. D) As more labor is hired, the length of time that defines the short run diminishes.