Buying insurance and then never making a claim:
A. is considered by economists to be irrational behavior.
B. means buying the insurance was a bad decision.
C. does not mean buying the insurance was a bad decision.
D. is a poor use of money.
C. does not mean buying the insurance was a bad decision.
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The health care system in the United States is referred to as ________, a system where private doctors and hospitals provide almost all health care services
A) a single-payer system B) a universal health insurance system C) socialized medicine D) a private health care system
In the above figure, if the economy is at point a, an increase in ________ will move the economy to ________
A) real wealth from the fall in the price level; point b B) real wealth from the fall in the price level; point c C) expected future income; point c D) expected future income; point d
Last year when John graduated and received a 20 percent pay increase, the average number of restaurant meals he consumed rose from one a week to three a week. Hence his income elasticity for restaurant meals is
A) 0.50. B) -0.50. C) 5.00. D) -5.00.
Government deficits tend to increase during
A) periods of war and recession. B) periods of below- or above-average growth. C) periods of increased financial uncertainty. D) recessions and booms.