Which of the following is the best example of a health-care service with a large public good component?
a. a hair-growing treatment provided to a twenty-five year-old single man
b. heart bypass surgery provided to an employee and paid for by employer-funded insurance
c. a vaccine that reduces the incidence of a communicable disease
d. a hip replacement provided to a senior citizen
C
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Accounting profit is typically
A. greater than economic profit because the former does not take explicit costs into account. B. smaller than economic profit because the former does not take implicit costs into account. C. equal to economic profit because explicit costs include all opportunity costs. D. greater than economic profit because the former does not take implicit costs into account.
The formula is the
A) actual change in the money supply. B) discount rate. C) potential money multiplier. D) federal funds rate.
When the nominal price of a good increases over time, must its real price also increase?
What will be an ideal response?
Define efficiency wages