America was so poor in past centuries that even George Washington caught malaria.
a. true
b. false
Ans: a. true
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According to the production possibilities model, if more resources are allocated to the production of physical and human capital, then which of the following is likely to happen?
A) The country's total production will fall. B) The production possibilities frontier will shift inward in the future. C) Fewer goods will be produced for consumption today. D) Future economic growth will decline.
If the economy is characterized by diminishing or decreasing returns to scale, then a
A) doubling of inputs will lead to a constant output. B) doubling of inputs will lead to a constant output. C) doubling of inputs will lead to a two-fold increase in output. D) doubling of inputs will lead to a less than two-fold increase in output.
As a result of moral hazard
A) both physicians and hospitals order more procedures. B) physicians and hospital administrators have no incentive to raise costs. C) patients increasingly have to worry about the expense of operations and other medical procedures. D) both physicians and hospitals have a financial interest in trying to keep hospital costs down.
Suppose the market for nursing services in a local community is so dominated by a single community hospital that for all practical purposes it is considered a monopsony. Using the diagram below, answer the question.
What is the equilibrium wage and level of employment under monopsony? a. W0 and E0 b. W2 and E0 c. W1 and E1 d. W0 and E1