The above figure supports all of the following statements regarding health care EXCEPT
A. the lower the deductible, the greater is the quantity demanded of health care services per year.
B. if all medical expenses were paid for by third parties, the quantity demanded would increase tremendously.
C. due to third party payments, patients demand a higher quantity of health care services per year.
D. the demand for health care is insensitive to price changes; as the price goes up, so does the quantity demanded.
Answer: D
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In order to pay for services such as health care, education, and highways, governments
A) collect taxes B) sell tools and machinery to the business sector C) rely fully on donations from the population
A monopolist has demand and cost curves given by:
QD = 1000 - 2P TC = 5,000 + 50Q a. Find the monopolist's profit-maximizing quantity and price. b. Find the monopolist's profit.
Which year marked a major turning point in the history of the U.S. balance of trade?
a. 1960 b. 1965 c. 1995 d. 1975 e. 2000
Find the natural rate of unemployment from the following data: frictional unemployment = 150, structural unemployment = 200, cyclical unemployment = 225, discouraged workers = 25, underemployed workers = 75, fully employed workers = 850, total population = 2,000
a. 17.5 percent b. 23.3 percent c. 24.6 percent d. 28.8 percent e. 38.3 percent