The increased practice of "defensive medicine" is a consequence of:
A. Professional board licensing requirements
B. The threat of medical lawsuits
C. Incentives given by drug companies
D. An Act passed by Congress
B. The threat of medical lawsuits
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In a two-good, two country world, if one country has an absolute advantage in the production of both goods, it can still benefit by trading with the other country
Indicate whether the statement is true or false
The specific factors model assumes that there are ________ goods and ________ factor(s) of production
A) two; three B) two; two C) two; one D) three; two E) four; three
Returns to scale refers to the change in output when
A) all inputs increase proportionately. B) labor increases holding all other inputs fixed. C) capital equipment is doubled. D) specialization improves.
If the average height in the classroom were 5 feet 10 inches and Patrick Ewing, who is 7 feet tall, came in and sat down,
a. the average height would rise to 7 feet b. the marginal height would be 5 feet 10 inches c. the average height would not change d. the average height would rise somewhat e. the marginal height would rise