Which of the following would increase the supply of physicians?
a. Making it easier for plaintiffs to prove medical malpractice claims
b. Increasing the medical school entrance requirements to include 15 hours of economics
c. Increasing the cost of attending medical school
d. More scholarships and grants to cover medical school tuition
e. Reducing the number of residency programs in some specialties in order to increase the number of family practice residencies
d. More scholarships and grants to cover medical school tuition
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How is a politician similar to an entrepreneur?
A) Each advances a project solely in the public interest. B) Each advances a project only if the expected marginal benefits equal the expected marginal costs. C) Each advances a project only if the expected marginal benefits exceed the expected marginal costs. D) Each advances a project only if they impose no negative externalities.
The success of Walt Disney's animated film The Lion King in 1994 increased production of animated films, increasing the demand for animators much faster than the supply of animators was increasing
As a result, in the market for animators, the equilibrium wage fell and the equilibrium quantity increased. Indicate whether the statement is true or false
An infant industry is one that
A. does not need so-called protection by government. B. is vulnerable to being crushed by better-funded and more mature foreign competitors. C. relies on growing human populations for new customers. D. is less than two years old.
Suppose that production of steel in the United States involves negative externalities. Now suppose that U.S. tariffs on steel imports are eliminated and U.S. imports of steel increase. What effect does the elimination of these tariffs have on total social costs associated with steel production in the United States?
a. Total social costs will increase. b. They will not change. c. They will decrease. d. They will increase butc. They will decrease. may be smaller than the private gains from increased steel imports.