The baby boomer generation is just starting to retire, and waiting lists to get into nursing homes are on the rise. We could reasonably expect the demand for geriatric care to:
A. increase due to the number of buyers increasing.
B. decrease due to the number of buyers increasing.
C. increase due to expectations of future prices.
D. decrease due to expectations of future prices.
A. increase due to the number of buyers increasing.
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Using the average price and average quantity, what is the elasticity of demand for oranges when the price of oranges changes from $200 to $160 per bushel and so the quantity demanded changes from 1000 to 1400 bushels?
A) 1.5 B) 0.1 C) 10.0 D) 0.67
When a financial asset is first sold, the sale takes place in the ________ market, and subsequent sales take place in the ________ market
A) secure; risk B) stock; bond C) investment; commercial D) primary; secondary
How is the issue of the "free rider" relevant to the discussion of whether access to medical care is a fundamental right?
a. The socially responsible approach is to provide free access to all the medical care a person desires. b. As long as there is excess capacity in the medical care system, providing free access to care does not present a resource allocation problem. c. The free rider argument is based on the idea that access to medical care should be free and available to everyone. d. Providing medical care at zero cost will maximize social welfare.
Which of the following is true?
A. The completion of the transcontinental railroad system in the 1880s eventually made the United States the world's first mass market. B. Southern manufacturers benefited from high protective tariffs of the 19th century that kept out cheaper Japanese manufactured goods. C. The canal system linking east-coast rivers with the Great Lakes in the 1820s created an "American economy" rather than just a series of regional economies located in one country. D. Agricultural inventions such as John Deere's steel plows did little to improve farm productivity.