Up until the early 1880s, there was no federal control over private activities
Indicate whether the statement is true or false
False
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Economists generally assume that the firm's goal is to
a. minimize its costs. b. maximize its profit. c. make its market share as large as possible. d. maximize its production.
Zach and Laura want to buy cars and go to the same dealer. The dealer perceives Zach's price elasticity of demand to be lower than Laura's. Which of the following statements will be true?
a. The dealer will quote the same price to both since individual characteristics do not matter. b. The dealer will quote a higher price to Laura because of her gender. c. The dealer will quote a higher price to Zach because his demand is less elastic. d. The dealer will quote different prices to both according to their bargaining tactics.
Social Security spending and Medicare spending are all financed with revenues held in trust funds
Indicate whether the statement is true or false
According to Goodman (1972), how is the demand for medical care determined?
a. It is derived from the more fundamental demand for health. b. Genetic factors are all that matter. c. Insurance coverage is the most important factor. d. It is determined primarily by the age of the individual.