Today John says: "I will start working out tomorrow." Yet, as tomorrow arrives he doesn't. This is an example of
A) time inconsistent preferences.
B) time consistent preferences.
C) exponential discounting.
D) future-biased preferences.
A
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Refer to Figure 5-4. Answer the following questions:
1. What would be the equilibrium price and quantity if consumers had to pay the full price of medical services? 2. With insurance acting as a third-party payer, what price will consumers pay for medical service? 3. With insurance acting as a third-party payer, what price will doctors receive for medical service? 4. With insurance acting as a third-party payer, what will be the equilibrium quantity of medical services? 5. With insurance acting as a third-party payer, what will be the value of the deadweight loss?
Methods of financing government spending are described by an expression called the government budget constraint, which states the following
A) the government budget deficit must equal the sum of the change in the monetary base and the change in government bonds held by the public. B) the government budget deficit must equal the difference between the change in the monetary base and the change in government bonds held by the public. C) the government budget deficit must equal the difference between the change in the monetary base and the change in government bonds held by the Fed. D) the government budget deficit must equal the difference between the change in the monetary base and the change in government bonds held by the Treasury.
Prior to World War I, the U.S. government's attitude towards labor unions was one of
A) indifference. B) support. C) hostility. D) support, except when it came to unions of public employees.
The slope of the per-worker production function diminishes as the amount of capital per-worker increases. This is a reflection of the law of _____
a. increasing marginal returns b. diminishing marginal returns c. constant marginal returns d. first diminishing then increasing marginal returns e. demand