When a person drives an automobile, that individual is creating
A. private costs only because the individual pays for the insurance, gas etc.
B. internal costs only.
C. external costs only.
D. social costs.
Answer: D
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On average, people in the United States spend a greater percentage of their income on health care than do people in most other countries
Indicate whether the statement is true or false
If the short-run price elasticity of demand for hospital care is 0.27, then the long-run price elasticity should be
a. greater than 0.27 b. greater than 1.00 c. less than 0.27 d. equal to 0.27 e. less than 0
Which of the following provides the most accurate description of monetary policy?
a. the deliberate control of the money supply to achieve macroeconomic goals b. the use of the government's regulatory powers to improve economic efficiency c. the government provision of goods to improve economic efficiency d. the use of government taxation and expenditures to achieve macroeconomic goals
What is a "cost-of-living" adjustment?
What will be an ideal response?