Medical service by physicians
A) could be made a free good through universal health insurance.
B) is a good for which the demand is completely inelastic.
C) is a good for which there is no satisfactory substitute.
D) would become a free good if physicians did not charge monetary fees.
E) would cost some patients more in non-monetary terms than they now pay if physicians did not charge monetary fees.
E
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Elasticity along a demand curve:
A. is constant if the demand curve is linear. B. changes only when the demand curve is bowed out. C. changes when the demand curve is linear. D. changes only when the demand curve is bowed in.
In comparison to the United States, Germany has a relatively low percentage of union membership.
Answer the following statement true (T) or false (F)
Advances in production technology enable society to produce
a. less goods with more resources b. more goods with current or less resources. c. the same amount of goods utilizing more resources. d. less goods with less resources.
Based on Scenario 6.1 above, if a tariff of 20 percent is placed on imports of dining room tables, and another tariff of 50 percent is placed on imports of wood and parts, then the effective rate of protection on tables made in the United States is
A) 70 percent. B) 50 percent. C) 20 percent. D) 12.5 percent.