The question "Will doctors or lawyers have higher annual incomes?" represents which of the three basic economic questions?
What will be an ideal response?
The amount of goods and services a person can purchase depends on the person's income. Hence the question of who should be paid more, lawyers or doctors, essentially asks whether lawyers or doctors will be able to buy more goods and services. Thus the question is a microeconomic "For whom?" question.
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As long as the practice does not restrict competition, he European Union competition law considers all of the following permissible except which one?
A) resale price maintenance B) exclusive dealing contracts C) price discrimination D) tying contracts
Medical care spending escalates as an individual reaches old age. Which of the following statements is true regarding medical care spending and the elderly?
a. Most of the medical care cost explosion is due to the high cost of treating the elderly. b. The easy way to control end-of-life spending is to limit use of all but the most cost-effective care to those over the age of 65. c. The real reason for the increase in medical spending among the elderly is the increase in chronic illnesses as we age and the multiplicity of services available to treat those illnesses. d. The high cost of acute care spending for the elderly is a major contributing factor in the increase in medical spending.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point A to Point E, the opportunity cost of motorcycles, measured in terms of hybrid cars
A. remains constant. B. decreases. C. initially increases, then decreases. D. increases.
Refer to row 4 in the table. The number appropriate for space Z is:
Answer the question on the basis of the following table for a commercial bank or thrift:
A. $10,000.
B. $70,000.
C. $48,000.
D. zero.