A physicians' professional association supports legislation seeking higher quality medical care. According to the special interest theory of regulation, who likely will benefit most from this legislation?
a. Government, through decreased regulation of physician quality.
b. Patients, through reduced prices for medical care.
c. Physicians, through increased prices for medical care.
d. Hospitals, through decreased for physicians' services.
e. Government, since higher quality health care is clearly in the public interest.
C
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The money supply is $6 million, currency held by the nonbank public is $2 million, and the reserve—deposit ratio is 0.1. The monetary base is equal to
A) $2 million. B) $2.4 million. C) $2.6 million. D) $4 million.
The view that many welfare mothers have baby after baby to keep their welfare checks rising is a view held by
A. many conservatives. B. many liberals. C. both many liberals and conservatives. D. neither many liberals nor many conservatives.
When a firm pays higher wages, it is likely that doing so will
A. decrease the quality of the potential worker pool. B. increase turnover. C. lower the firm's ability to attract high-skill workers. D. encourage workers to stay on the job for a long time. E. decrease worker utility.
Scarcity is
A) a shortage of goods and services. B) poverty and misery. C) a situation in which the resources for producing the goods and services that people desire are sufficient to satisfy people's desires. D) a situation in which the resources required to produce the goods and services that people desire are insufficient to satisfy all wants.