The heavy reliance on private health insurance in the U.S. began during World War II, as a:
A. Legal requirement for employment
B. Patriotic duty of firms
C. Way of imitating European employment practices
D. Response by employers to the wage controls in effect then
D. Response by employers to the wage controls in effect then
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A monopolist has complete control over both price and quantity of output
a. True b. False
Economists assume that monopolists behave as
a. cost minimizers. b. profit maximizers. c. price maximizers. d. maximizers of social welfare.
Which of the following policy levers definitely enhances productivity?
A. Higher taxes. B. More government regulation. C. A higher labor to capital ratio. D. Investment in human capital.
In the principal-agent relationship, the agent is
A) the owner of a resource that has hired another party to act on his behalf. B) the person who is placed in control over resources that are not his own and agrees to compensate the resource owner in the event of outcomes that do not satisfy the resource owner. C) the person who is placed in control over resources that are not his own, with a contractual obligation to use these resources in the interests of some other party. D) the person who places his resources in professional hands in exchange for the professional's promise to act on the resource owner's behalf.