Finding a method of resource allocation is essential to any medical care system. Which one of the following statements supports this proposition?
a. Because good health is our top priority, we have all the resources necessary to produce all the medical care that we want.
b. Resources used in medical care have alternative uses that are also beneficial.
c. Resources are plentiful. There are always enough to produce everything that is desired.
d. Most people are willing to wait for access to care. Eventually, the resources will be available to provide that care.
b. Resources used in medical care have alternative uses that are also beneficial.
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Eliminating frictional unemployment would be good for the economy
Indicate whether the statement is true or false
Opportunity cost of an activity
a. Is known to all parties b. Cannot be measured in dollar terms c. May include both monetary costs and foregone incomes d. Is known with all certainty
Which of the following scenarios would most likely occur with a company that has reported disappointing earnings recently but still looks to be financially stable for quite some time?
A. high long-term solvency ratio but low profitability ratio B. high short-term solvency ratio but low profitability ratio C. high long-term solvency ratio but low activity ratio D. high short-term solvency ratio but low activity ratio
A village has five residents, each of whom has an accumulated savings of $50. Each villager can use the money to buy a government bond that pays 10 percent interest per year or to buy a year-old goat, send it onto the commons to graze, and sell it after one year. The price of the goat that the villager will get at the end of the year depends on the amount of weight it gains while grazing on the commons, which in turn depends on the number of goats sent onto the commons, as shown in the table below. Assume that if a villager is indifferent between buying a bond and buying a goat, the villager will buy a goat.Number of goatson the commonsPrice per 2-yearold goat ($)Income pergoat ($/year)180302752537020465155555 When the each villager decides how to invest based on his or her narrow
self-interest, total village income will be ________ when the village collectively decides how to invest. A. either higher than or lower than depending on the price of the goats B. lower than C. higher than D. the same as